Global 2026 oil supply shortfall to deepen as Hormuz reopening remains elusive, IEA says

Global oil supply will fall by 4.3-million barrels per day (bpd), or around 4%, this year, the International Energy Agency (IEA) said on Wednesday, as renewed hostilities in the Middle East disrupt supplies and plunge the world deeper into an oil-market deficit. The US-Iran ceasefire broke down last month around a month after the parties signed a memorandum of understanding to end the war. Since then, tanker attacks in the Strait of Hormuz have resumed and the conflict spread as Yemen's Iran-aligned Houthi rebels launched attacks in the Red Sea.

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