Tensions between Iran and the West have been on the rise since the EU said this month it would embargo Iran's oil exports from July 1.

The International Monetary Fund has warned a supply disruption caused by the sanctions could push oil prices up by $20 to $30 a barrel, exacerbated by the thin oil stocks held by many consuming countries.

The Obama administration has time to decide if the EIA reports suggest prices will rise to an uncomfortable level. The EIA will issue three of the reports ahead of the June 28 deadline in the law that allows Washington to sanction foreign banks in countries such as China, India and South Korea that purchase petroleum from Iran.