Global energy demand has started to recover as oil shipments through the Strait of Hormuz partially resumed in June, the International Energy Agency (IEA) said.
Renewed fighting between the US and Iran has added uncertainty to that outlook and international crude prices. Oil consumption has rebounded from a May low, the IEA said on Friday.
A recovery in global oil demand from a low of 97.9 million barrels a day in May "is underway," the IEA said. By October, demand will be up by more than 8 million barrels a day from the May low.
This puts it above 2025 levels for the first time since February. This is a milestone given the scale of disruption caused by the conflict.
The forecast for the year’s average oil demand declined to 1.0 million barrels a day, the agency said. That compares to a previous estimate of around 1.1 million barrels a day due to the Iran conflict.
