International Energy Agency & U.S. Dollar Index

International Energy Agency: The International Energy Agency has warned about rapidly declining commercial oil stocks and the significant supply disruption caused by the effective closure of the Strait of Hormuz due to the Iran war.

U.S. Dollar Index: The U.S. Dollar Index has slid due to the prospect of a deal to end the Iran war, although its dominance in global oil trade is being tested.

International Energy Agency: The International Energy Agency (IEA) provides forecasts on global oil supply and demand, indicating a potential surplus in 2027, which suggests a bumpy ride ahead for the market despite the current optimism.

U.S. Dollar Index: The U.S. Dollar Index posted a weaker performance against major counterparts as traders weighed shifting monetary policy signals and the implications of the US-Iran peace deal.