Oil futures pulled back from major gains as discussions surfaced regarding the potential reopening of the Strait of Hormuz, easing some supply disruption concerns that had driven prices higher in recent sessions.
The retreat came alongside renewed bearish signals from the International Energy Agency, which published its Oil Market Report for September 2026 on 11 September, adding to uncertainty around global demand outlooks. The IEA's next report is scheduled for release on 14 October 2026.
The agency has been closely monitoring oil markets as they strain to plug gaps left by Middle East supply shortfalls. The IEA also tracks the Russian refining sector, which has struggled amid intensifying Ukrainian attacks, and notes that the EU phase-out of Russian gas is creating diversification opportunities for Central and Eastern Europe, including through infrastructure such as the LNG terminal on Croatia's island of Krk.
Prices had risen sharply earlier on escalating supply disruption fears from the Middle East, according to reporting cited in MarketWatch and the Wall Street Journal. The prospect of restoring flows through the Strait of Hormuz — one of the world's most critical oil chokepoints — cooled the risk premium that had built into crude prices.
