IEA reports oil glut as Iran war slashes demand, supply surplus projected for 2026

The IEA reports an oil glut as the Iran war reduces demand, with a supply surplus projected for 2026. This situation may lower prices, impacting global economies and energy policies. Meanwhile, the US and Iran are preparing to sign an interim peace deal to temporarily stabilize oil markets. Despite this potential agreement, unresolved geopolitical tensions remain a critical factor that could continue to impact future oil supply and global market prices.