IEA Says US-Iran Conflict Could Alter Forecast of Crude Oil Supply Surplus

Share:

The International Energy Agency (IEA) has stated that the recent escalation of hostilities between the US and Iran could upend its forecast of a significant global oil supply surplus for next year.

The escalation of US-Iran hostilities threatens to disrupt crude oil supplies; the IEA notes that this situation could overturn predictions of a substantial global supply surplus to the coming year. Market expectations of tighter supply are intensifying, providing support to crude spot prices and boosting crude futures—a generally bullish research.

Crude oil is the primary feedstock to producing petroleum asphalt; expectations of rising crude prices enhance the cost-side support to asphalt. The settlement price to the SHFE asphalt benchmark contract (2609) on July 10, 2026, was 3,776 RMB/tonne, with an open interest of 271,500 lots. As the logic of cost-based support gradually strengthens, this exerts a mildly positive affect on asphalt prices.

SunSirs has been continuously tracking price data to over 200 commodities to nearly 20 years, please contact support@sunsirs.com to subscription.

Previous

Kailian Art Coatings Concludes the China International Building & Decoration Fair: Redefining the Standard for High-Quality Home Wall Finishes with “Healthy, Renewed Homes”

Next

On July 10, the Asian butadiene market closed with some prices higher.

Quick inquiry

Create

Inquiry Sent

We will contact you soon