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US President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a 14-point interim agreement on June 18 to end the war, reopening the Strait of Hormuz and lifting US sanctions on Iranian oil. Brent crude fell to $78.31/bl on June 19, with analysts expecting the release of more than 85-million barrels of stranded oil into global markets and a gradual recovery of Middle East exports that had been blocked since the February 28 US and Israel aerial campaign against Iran.
Wood Mackenzie forecasts $78/bl Brent in 2027 as supply recoversGlobal energy consultancy Wood Mackenzie expects Brent crude to average $78/bl in 2027 and potentially ease to $70/bl by the fourth quarter, assuming transit flows through the strait normalise throughout August. The consultancy projects 70% of shut-in volumes – more than 11-million barrels a day removed from global markets – could return within three months of the strait reopening and 90% within six months, though recovery will take months as demand, inventory rebuilding and production ramp-up remain misaligned.
IEA warns of significant 2027 oil surplus after Middle East recoveryThe International Energy Agency forecasts the oil market will move into a significant supply surplus in 2027, with supply set to surge by eight-million barrels a day while demand rises by just two-million barrels a day. The war is estimated to have blocked more than 14-million barrels a day of Middle East oil output, and the IEA's 2027 forecasts imply supply will outweigh demand by 5.05-million barrels a day next year as Middle East barrels return.
Iran Updates
With oil prices having eased substantially in recent weeks following an interim agreement between the US and Iran in mid-June aimed at curtailing hostilities, regional maritime and military...
Oil prices rose on Monday following days of tit-for-tat strikes by the US and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of...
China is planning to launch its first sulphur futures contracts this year, sources said, in a push to help hedge against price swings and increase its pricing power in the global trade for a key...
The metals complex is poised for a mixed performance following the US-Iran deal announced in June, with easing demand-side concerns supporting industrial metals, while the alleviation of...
Market research and analysis company BMI has lowered its 2026 forecast for the global steel price slightly to $620/t, down from $625/t in its previous forecast, owing to weaker expected steel...
Asia's imports of seaborne thermal coal are rebounding as China boosts purchases to compensate for soft domestic output and Japan and South Korea seek energy security amid the fallout from the...
The International Monetary Fund (IMF) said on Thursday it has seen energy and commodity prices fall since the US-Iran agreement to halt hostilities and reopen the Strait of Hormuz, but it will take...
Railway exports of liquefied petroleum gases (LPG) from the Canadian production hub of Edmonton, Alberta, to refining and trading centers in the US are unusually high this summer owing to strong...
Iron-ore prices fell on Friday and were headed for a seventh straight weekly loss, weighed down by swelling portside inventory and faltering steel consumption in top consumer China, as well as...
South African year-on-year (y-o-y) food and non-alcoholic beverage (NAB) inflation declined again in May, the Bureau for Food and Agricultural Policy (BFAP) has highlighted. It was 1.9% during that...
South Africa has issued a formal rebuke following critical remarks made by US Ambassador Leo Brent Bozell III regarding the African nation's foreign policy alignments. On Thursday, the country's...
Oil prices extended their decline on Thursday to near levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns....
Global energy consultancy Wood Mackenzie (WoodMac) now expects the price of Brent crude oil to average $78/bl in 2027 and potentially ease to $70/bl by the fourth quarter of 2027. This forecast...
Iron-ore prices extended declines on Tuesday to hit a nearly four-month low, weighed down by prospects of rising shipments from major suppliers in the run-up to the end of the second quarter and...
India has swung to buying Russian crude oil and coal to bolster its energy supplies after flows were disrupted and prices rose during the Iran conflict. The world's third-largest oil importer is...
Oil prices fell on Friday on the prospect of more supply returning to the market after oil tankers began to move through the Strait of Hormuz following the signing of the US-Iran interim peace...
Middle Eastern crude oil markets could come under further pressure if the Strait of Hormuz reopens on Friday following the US-Iran interim deal, releasing-millions of barrels of oil stranded in the...
The South African rand strengthened in early trade on Thursday after the United States and Iran released the text of an interim agreement signed by their presidents to end the war, easing...
Following an 18-point decline in the first quarter, the Agricultural Business Chamber of South Africa (Agbiz) and Industrial Development Corporation’s Agribusiness Confidence Index (ACI) fell...
The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency (IEA) said in its monthly oil market...
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