Mumbai, June 18 -- The International Energy Agency (IEA), in its June Oil Market Report, said that a proposed US-Iran peace agreement could pave the way for the reopening of the Strait of Hormuz and the resumption of Iranian oil exports, easing concerns over global energy supplies. The prospect of a breakthrough in Middle East tensions has already pushed oil prices to their lowest levels since early March, with Brent crude trading near $81 per barrel.
Despite improving supply prospects, the IEA expects global oil demand to decline by 1.1 million barrels per day in 2026, following a sharp drop in second-quarter consumption amid elevated fuel prices and prolonged supply disruptions. Global oil supply is projected to fall by 3.9 million barre...