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

The US and Iran moved closer to an interim peace agreement meant to reopen the Strait of Hormuz and help end a war that has damaged the global economy and caused chaos in the Middle East

The current forecast reduced the expected oil ​demand growth this year from 1.17 million barrels per day as previously seen. For 2027, ​OPEC expects oil demand to rise by 1.73 million bpd,

The EIA said it now expects oil shipments through the Strait of Hormuz to begin recovering in the third quarter of 2026. However, the agency does not anticipate traffic through the waterway returning to pre-war levels before early 2027

Goldman Sachs said in a note that global oil demand has fallen more sharply than expected, creating both upside and downside risks to its fourth-quarter 2026 Brent crude forecast of $90 per barrel and its WTI forecast of $83 per barrel

OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output

Companies that borrowed oil from the reserve in recent months will return the crude with premiums after the conflict concludes, Energy Secretary Chris Wright said

OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz