EIA Projects Hormuz Strait Closure Until Late May

The U.S. Energy Information Administration (EIA) has released its Short-Term Energy Outlook, forecasting that the Strait of Hormuz will remain closed until the end of May, with a gradual resumption of navigation in June. According to Odaily, the report anticipates that the strait will return to pre-conflict levels by late 2026. Global oil demand is projected to reach 104.2 million barrels per day in 2026, a slight decrease from the previous estimate of 104.6 million barrels per day. For 2027, the demand is expected to be 105.6 million barrels per day, down from the earlier forecast of 106.2 million barrels per day.