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The International Energy Agency has warned that renewed clashes between the United States and Iran could undermine the global market's expectations of a significant surplus in the oil market by 2027. The escalation in the region has disrupted oil tanker movement through the Strait of Hormuz, impacting oil supplies. The agency announced that in June, supplies increased by 4.1 million barrels per day, but they remain about 9.4 million barrels below pre-war levels. The agency's report suggests that global oil supply growth is expected to continue, reaching 7.5 million barrels per day by 2027. However, this outlook depends on restoring shipping activity through the Strait of Hormuz and maintaining export stability.
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