IEA Says Hormuz Oil Flows Rise but Stay Below Prewar Levels

The International Energy Agency said June oil supply rebounded by 4.1 million barrels per day to 98.8 million as Hormuz flows resumed, but world output remained 9.4 million barrels per day below pre-war levels. The report said total Gulf oil exports rose to 16.1 million barrels per day, still far under the 24 million barrel pre-war average, and that supply depends on swift de-escalation after renewed U.S.-Iran fire. Benchmark crude prices fell to about $68 by early July before rebounding near $77 after the July 7-8 breach. For Israel, the figures show why Iranian coercion at Hormuz is not a distant market story: free navigation, allied escorts and verifiable pressure on Tehran all protect households, industry and strategic freedom.