IEA sees gradual Hormuz recovery tipping into significant 2027 surplus

The naval blockade began on 13 April and targeted all vessels entering or departing Iranian ports and coastal areas.

The talks on a final settlement are set to begin Friday at Switzerland's Burgenstock mountain resort, as news that the Hormuz Strait will reopen sent world oil prices tumbling.

At least 14 commercial mariners have died during the war, including three Indian nationals killed in a U.S. strike on an Iranian tanker last week.

In its latest monthly oil market report, the IEA slashed its 2026 demand outlook to 1.1 million barrels a day year-over-year in 2026.