The International Energy Agency (IEA) has highlighted a dramatic shift in the global oil market, predicting a transition from significant supply shocks caused by the Iran war to a substantial oil glut. As discussions around a peace deal and the reopening of the Strait of Hormuz progress, experts warn that oil supply could soon outstrip demand. The IEA has urged for the unconditional reopening of the Strait to alleviate the ongoing energy crisis, stating that without strict enforcement of the deal, volatility in oil prices may continue. With expectations of a strong rebound in oil supply following the Gulf disruptions, the market could face a surplus as early as 2027. As various forecasts predict a decline in global oil demand, the potential for falling prices is of concern, particularly if the peace deal holds. Analysts anticipate that while the oil market may stabilize in the coming weeks, the recovery could take months as the dynamics of demand and supply continue to shift.