LONDON: The world oil market will recover gradually from the closure of the Strait of Hormuz before tipping into a significant surplus in 2027, the International Energy Agency said in its monthly oil market report on Wednesday (Jun 17).The US and Iran reached an agreement to end the three-month-old war, which

LONDON: he 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 (Jun 16).The US has announced an interim agreement to end the Iran war, which includes Iran re

The months-long persistent closure of Strait of Hormuz has kept global energy markets on edge due to soaring energy and oil prices globally. Now the relief is expected to come on this Friday, June...