The U.S. Energy Information Administration raised its global oil production forecast after the reopening of the Strait of Hormuz following a June 18 agreement between the United States and Iran

OPEC+ oil-producing ​countries will likely agree on a further hike in their output targets from August when they ‌meet on Sunday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reopens

es walk away less than two months ago.

Iraq is the group’s second-largest producer after Saudi Arabia and one of its five founding members. OPEC was formed in the Iraqi capital in 1960

J.P. Morgan reduced its price outlook for Brent crude oil in the second half of 2026, citing weaker commercial inventory withdrawals and softer oil demand than previously anticipated

Oil prices retreated after the latest round of negotiations between the United States and Iran concluded in Switzerland, fueling expectations that additional Iranian crude could eventually return to the international market

The agreement to reopen the Strait of Hormuz has brought swift relief to global markets. However, some traders fear that the stock market rally and the decline in oil prices may have gone too far

A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace ​deal will take time, potentially several months, analysts at ‌two banks said

A ​large supply surplus in 2027 could “provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to ⁠build new strategic reserves,” the IEA said

U.S. Strategic Petroleum Reserve (SPR) inventories fell to 340.3 million barrels, the lowest level since 1983, the Department of Energy said

The U.S. and Iran said they have agreed terms to end their war and reopen the Strait of Hormuz, news that brought relief to markets worldwide, although the pact may ​hinge on events in Lebanon and defers tricky talks on Tehran’s nuclear programme