FacebookTwitterEmailLinkedin The global oil market is set to recover gradually from the disruption caused by the closure of the Strait of Hormuz before tipping into a significant supply surplus in 2027, the International Energy Agency (IEA) said in its monthly Oil Market Report on 17 June. The agency said the reopening of the Strait and the resumption of Iranian oil exports following the U.S.-Iran agreement would allow Gulf oil production and exports to recover, although operational constraints mean the rebound is likely to be gradual. Flows through the Strait had already increased to around 12 million barrels per day (bpd) in early June from a May low of 9.6 million bpd, supported by ship-to-ship transfers in the Gulf of Oman. RelatedNews UAE reportedly plans to cut Strait of Hormuz dependency Fragile breakthrough: US and Iran agree to ceasefire and de-escalation framework var jnews_module_21376065_0_6a33f3d3b84e4 = {"header_icon":"","first_title":"Related","second_title":"News","url":"","header_type":"heading_8","header_background":"","header_secondary_background":"","header_text_color":"","header_line_color":"","header_accent_color":"","header_filter_category":"","header_filter_author":"","header_filter_tag":"","header_filter_cpt_post_tag":"","header_filter_cpt_tribe_events_cat":"","header_filter_cpt_web_story_category":"","header_filter_cpt_web_story_tag":"","header_filter_text":"All","sticky_post":false,"sticky_post_filter":false,"post_type":"post","content_type":"all","sponsor":false,"number_post":"2","post_offset":0,"unique_content":"unique1","include_post":"","included_only":false,"exclude_post":"21376065","include_category":"","exclude_category":"","include_author":"","include_tag":"1783,4346,1763,2647","exclude_tag":"","exclude_visited_post":false,"post_tag":"","tribe_events_cat":"","web_story_category":"","web_story_tag":"","sort_by":"latest","show_date":"","date_format":"default","date_format_custom":"Y\/m\/d","pagination_mode":"disable","pagination_next