LONDON: The world oil market will recover gradually from the closure of the Strait of Hormuz before tipping into a significant surplus in 2027, the International Energy Agency said in its monthly oil market report on Wednesday (Jun 17).The US and Iran reached an agreement to end the three-month-old war, which

A deal between the U.S. and Iran will reopen the vital Strait of Hormuz, easing global energy supply concerns. However, unresolved disputes mean future flare-ups are possible.…

"Our working assumption is that ~80% of energy flows will resume by the end of Q3 but a return to 'normal' could stretch into 2027."