Sources suggest that the ceasefire can be revived amid a lull in fighting and backroom diplomacy.

The devastation that industrial facilities have taken from two wars in a year might take years to reverse, say analysts.

The potential unraveling of a fragile truce between Iran and the United States has renewed anxiety over fuel prices.

Global oil supply rebounded in June after a ceasefire allowed Strait of Hormuz transit. However, renewed hostilities between the United States and Iran threaten future oil surplus…

Sources suggest that the ceasefire can be revived amid a lull in fighting and backroom diplomacy.

"An escalation in hostilities on 7-8 July, however, clouds the outlook and could upend the forecast that sees the market flipping to a surplus next year"

The IEA eased its forecast declines for global oil supply and demand this year as June proved stronger than expected. But Hormuz hangs in the balance.