IEA Warns Mideast Hostilities Are Increasing Oil Supply Concerns
The IEA said on 21 July 2026 that escalating US-Iran hostilities, including attacks around the Persian Gulf on 7-8 July, are raising security-of-supply concerns and could upend its forecast of an oil surplus next year. It noted markets still benefit from cushioning factors, with Saudi and UAE exports well above spring levels.
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