WS #13923
IEA slashed 2026 supply forecast, OPEC cut demand growth, Hormuz remains closed with oil spill, but US-Iran ceasefire extension and Saudi production increase provide counter-pressure. Ukrainian drone strikes on Russian refineries and Novorossiysk port escalate, but Ukraine halts Black Sea tanker strikes at US request, and NATO condemns Russian airspace violations.
Oil supply tightness and geopolitical risks
IEA slashed 2026 supply forecast, OPEC cut demand growth, Hormuz remains closed with oil spill, but US-Iran ceasefire extension and Saudi production increase provide counter-pressure.
Ukrainian drone strikes on Russian refineries and Novorossiysk port escalate, but Ukraine halts Black Sea tanker strikes at US request, and NATO condemns Russian airspace violations.