Oil flows through the Strait of Hormuz recovered sharply after the interim US-Iran ceasefire in June, but renewed hostilities this week have revived uncertainty over the global oil market, with risks to crude supply, prices and shipping, the International Energy Agency (IEA) said in its latest monthly oil market report.
The energy watchdog said benchmark crude prices fell through June as tanker traffic out of the Gulf resumed and the market shifted its focus to the prospect of oversupply. However, the latest exchange of missile and drone attacks between the US and Iran has once again raised concerns over the security of the strategic waterway.
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