The International Energy Agency reported that a recovery in Middle East oil flows will stretch into next year due to escalating Gulf shipping attacks and Red Sea Houthi threats.
The IEA cut its 2026 global oil demand outlook by 2.5 million barrels a day to 102.4 million barrels, while global oil supplies are expected to drop by 5.7 million barrels a day.
Benchmark Brent crude traded above $105 a barrel and West Texas Intermediate hovered near $101 following supply disruptions and U.S.-Iran clashes.