Global 2026 oil supply gap to deepen on delayed return of normal Gulf flows, IEA says

LONDON – Global oil supply and demand will fall further than previously thought this year, the International Energy Agency said on Friday, as a lack of progress in ending the Iran war delays the return of normal Middle East flows into 2027 and sends fuel prices soaring. An increase in attacks on oil tankers in Middle East shipping routes has helped send crude prices towards $110 a barrel this week for the first time since May. But this hike is overshadowed by the surging price of fuels such as diesel, which have hit record highs.

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