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IEA Warns Renewed U.S.-Iran Conflict Could Upend Oil Surplus Forecast
Despite the tentative recovery of oil flows through the Strait of Hormuz and the first build-up in global stocks since the war began, this week’s re-escalation of the U.S.-Iran hostilities could flip the outlook for an oil market surplus…
AI Summary
A renewed conflict between the US and Iran could significantly alter the forecast for an oil surplus next year, according to the International Energy Agency. The agency's warning comes as oil prices have dropped following the signing of a memorandum of understanding between the two nations in June.
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