article author: Reuters Author: Wed, 2026-06-17 21: 36 LONDON: The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The US has announced an interim agreement to end the Iran war, which includes Iran reopening the strait and the US lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history. The war is estimated to have blocked more than 14 million barrels per day of Middle East oil output, according to the IEA. Main category: Business & Economy Tags: energy Oil War in Iran
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