Energy Agency warns escalation between America and Iran risks disrupting oil surplus projections for 2027

The International Energy Agency warned that the recent escalation between the United States and Iran could threaten its forecasts of a supply glut in the oil market by 2027. Although global supplies increased by 4.1 million barrels per day in June following the reopening of the Strait of Hormuz, the recent military tensions may undermine market prospects and delay the achievement of supply and demand balance.

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