The International Energy Agency cut its forecast for global oil supply due to the blockade of the Strait of Hormuz

The International Energy Agency (IEA) has significantly reduced its global oil supply forecast for the remainder of the year, citing the impact of renewed hostilities that began in July and subsequent disruptions at the Strait of Hormuz. This revision reflects concerns over the stability of energy transit routes in the region.

Conversely, the U.S. Department of Energy has reported that oil exports from the Middle East have recovered, with Secretary of Energy Chris Wright stating that volumes exceeded pre-war levels as of Sunday. While the administration claims operations have returned to near-normal levels, this assessment has been met with skepticism regarding its accuracy.