International Energy: Washington and Tehran's escalation disrupts global oil supply expectations
International Energy Agency estimates show that global oil supplies increased by 4.1 million barrels per day in June after the reopening of the Strait of Hormuz. However, they are still approximately 9.4 million barrels per day below pre-war levels, reflecting the fragility of the market due to tensions in the Gulf. The report forecasts that the transit of tankers through the Strait will remain the primary factor in stabilizing supplies, with warnings that the escalation of hostilities in July could disrupt the oil market's outlook, which is currently expected to shift toward a surplus next year.
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