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1.15995
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Gold
4322.06
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75.375
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Real-time News
On June 17, the International Energy Agency (IEA) stated that the oil supply shock in the Gulf region is expected to cause a significant drop in global oil demand before oil supplies in the Strait of Hormuz gradually normalize, with supply projected to rebound to 8 million barrels per day by 2027. The IEA noted that while the interim agreement to be signed this week by the US and Iran represents the most significant breakthrough in negotiations since the outbreak of the war, a full restoration of supplies through this vital waterway is expected to take several months. The organization now projects that global oil demand will decline by 1.1 million barrels per day this year due to high oil prices and severe supply disruptions, compared to a previous forecast of a 420,000 barrel per day decline. With the normalization of trade, lower oil prices, and an improved economic outlook, demand is expected to rebound to 2 million barrels per day next year. The IEA stated, "While the details of the agreement are still pending clarification and several issues remain unresolved, this is an encouraging step forward. However, a full restoration will not happen overnight, as mines need to be cleared from major shipping lanes and supply chains will need time to return to normal."WTI and Brent crude oil prices are showing little fluctuation in the short term, currently trading at $75.75/barrel and $78.63/barrel respectively.IEA Monthly Report: Global oil supply will decrease by 3.9 million barrels per day in 2026 (in line with previous forecasts).IEA Monthly Report: Demand is expected to decrease by 5 million barrels per day in the second quarter due to high oil prices and product supply disruptions.IEA Monthly Report: Following the US-Iran agreement, operational and political restrictions pose downside risks to the Middle Easts economic outlook.
