Oil Shipments Surge as Strait of Hormuz Reopens, Supply Forecasts Rise

Global oil shipments rose 4.1 million barrels daily in June following the reopening of the Strait of Hormuz, prompting the IEA to upgrade its 2026 oil supply forecast.

The reopening of the Strait of Hormuz has sent ripples through the global oil market, with shipments surging 4.1 million barrels daily in June, according to reports. This significant increase has led the International Energy Agency (IEA) to upgrade its 2026 oil supply forecast to 102.6 million barrels daily, a move that underscores the strategic importance of the waterway. The IEA's decision to revise its forecast was likely influenced by the US-Iran agreement, which has brought a measure of stability to the region and allowed oil shipments to resume.

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