The IEA said in its monthly oil market report on Wednesday that the global oil market will gradually recover from the Strait of Hormuz closure and that a significant supply surplus is likely in 2027. The agency said the US and Iran have reached an agreement to end nearly three months of hostilities under which Iran would reopen the strait and the US would lift its maritime blockade; the disruption had cut Middle East production by more than 14 mln barrels a day and the deal could end the largest

The IEA said in its monthly oil market report on Wednesday that the global oil market will gradually recover from the Strait of Hormuz closure and that a significant supply surplus is likely in 2027. The agency said the US and Iran have reached an agreement to end nearly three months of hostilities under which Iran would reopen the strait and the US would lift its maritime blockade; the disruption had cut Middle East production by more than 14 mln barrels a day and the deal could end the largest oil supply disruption in history.