Energy Markets
The IEA predicts that the gradual recovery of Hormuz will tip into a significant 2027 surplus
The International Energy Agency's monthly report on the oil market said that the world oil market would recover?gradually? from the Strait of Hormuz closure before tipping?into a?significant? surplus in 2027. U.S.-Iran reached an agreement on ending the three-month war. This includes 'Iran reopening Strait of Hormuz, and the U.S. lifting its naval blockade.' This could potentially bring an end to what is the largest oil -supply disruption ever, with Middle East oil production being cut by over 14 million barrels a day, according to IEA. The agency that advises industrialised countries said, "If the deal holds, then exports and production...