The global oil market could swing into a substantial surplus next year as production recovers sharply following the US-Iran peace agreement and the gradual reopening of Gulf energy routes, according to the latest outlook from the International Energy Agency (IEA).
Oil prices climbed more than 2% on Monday as investors reassessed expectations for a breakthrough in US-Iran negotiations, with renewed regional tensions highlighting the fragility of efforts to secure a broader peace agreement and restore stability to Middle East energy supplies.
