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IEA warns oil stockpiles are rapidly depleting amid Hormuz risk
The IEA forecast global oil supply to fall 4.3 million barrels per day in 2026 to 102 million bpd as prior inventory buffers are running down.
Oil prices climbed as the International Energy Agency warned that global oil stockpiles are being rapidly depleted, increasing pressure to reopen the Strait of Hormuz and secure more stable transit routes.
The IEA said it was updating the market after benchmark crude reached two month highs in July, following a breakdown in a US and Iran ceasefire agreement that had disrupted a recovery in Gulf oil supplies.
The report said the market has been trading in an unusually wide range during July, swinging from about $105 to $70, as diplomacy around the conflict shifted suddenly.
It also lowered its outlook for the rest of the year, forecasting global oil supply to fall by 4.3 million barrels per day in 2026 to 102 million bpd, with growth in the Americas only partly offsetting losses from the Middle East and Russia. Separately, spot gold was up 1.1% to around $4,414.63 per ounce as traders looked to upcoming US July inflation data for clues on the Federal Reserve policy path.
Latest closeGold $4,430.80 ▲1.6%|WTI crude $83.42 ▲1.6%