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U.S. and Iran Sign Accord to Open Strait of Hormuz; EIA Raises Global Oil Output Forecast

GateNews
Commodities
According to the U.S. Energy Information Administration (EIA), on June 18, the U.S. and Iran signed a memorandum of understanding to end conflict and reopen the Strait of Hormuz. Following the agreement and increased transit through the waterway, the EIA raised its forecast for global crude oil production through the remainder of 2026. The agency now expects most crude output to recover to near pre-conflict average levels by year-end 2026, with the majority of shut-in production coming back online by the first quarter of 2027.
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