IEA: Gulf supply shock to curb oil demand; Hormuz flows may take months to recover

The International Energy Agency said the Gulf oil supply shock has disrupted shipments through the Strait of Hormuz, sharply constraining global supply in the near term. The agency cut its 2024 global oil demand outlook to a decline of 1.1 million barrels a day, a steep downgrade from its prior forecast. It added that even with a U.S.-Iran interim deal expected to be signed this week, a full recovery of flows through the waterway is likely to take months.