Energy & Petrochemicals #energy#oil
Global oil output to return to pre-Iran war level by year's end, US EIA says
The U.S. Energy Information Administration (EIA) reported that global oil output and trade flows should rebound fully by the end of 2026 from disruptions caused by the Iran war. The agency cut its Brent crude price forecast to $74/barrel for Q3, down from $85 in June and a previous estimate of $101. The easing of the Strait of Hormuz blockade after a preliminary U.S.-Iran deal has enabled increased vessel movement, and the EIA expects most shut-in Middle East production to return by Q1 2027, lowering fuel prices.
Jul 8, 2026 1 source