The International Energy Agency said Friday that “a recovery” in global oil demand had started as supplies tentatively start moving through the strategic Strait of Hormuz again and prices ease.

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…

Renewed escalation in the U.S.-Iran war could complicate matters and further cloud the outlook, the IEA warned Friday.