The International Energy Agency (IEA) has predicted that oil supply will expand by 7.5 million barrels per day (BPD) next year after a 3.7m BPD contraction this year, but that it is contingent on improved Strait of Hormuz transits.

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…

The IEA forecasts global oil demand will decline by 1.1 million barrels per day in 2026 due to Iran war disruptions, with ripple effects across markets.