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June 17, 2026 3:30 PM

IEA sees significant 2027 oil surplus after Hormuz recovery

The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait ‌of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The U.S. has announced an interim ag...

June 17, 2026 3:02 PM

Explainer : Has Trump achieved his goals in the war with Iran? 

Shortly after the U.S. and Israel launched airstrikes on Iran on February 28, U.S. President Donald Trump laid out a host of objectives, from destroying Iran's ballistic missile capabilities to ensuring Tehran can never have a nuclear weapon. More t...

June 17, 2026 3:02 PM

G7 leaders demand ceasefire in Lebanon, welcome Iran deal

Leaders of the G7 countries demanded a ceasefire in Lebanon on Wednesday and said they will diversify ​energy supply routes to reduce dependence on the Strait of Hormuz in response to the war in Iran, as they welcomed an interim deal to end the con...

June 17, 2026 11:47 AM

Brent crude falls below $80 amid hopes of lasting US-Iran truce

Global crude oil prices declined by almost 1 per cent on Wednesday as investors and traders assessed the possibility that the Iran conflict would end and the Strait of Hormuz would reopen. International oil benchmark Brent crude fell 0.72 per cent t...

Last updated on: 22nd June 2026

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