Global oil production recovers as Hormuz shipments resume, IEA says

Global oil production has seen a rebound as shipments through the Strait of Hormuz resumed, according to the International Energy Agency. This partial restoration has lifted June output, although it's still below pre-conflict levels. This development is significant because the Strait of Hormuz is a crucial passage for oil exports, and any disruptions can lead to substantial fluctuations in global oil prices. The recovery indicates that global supply chains are beginning to stabilize, but ongoing geopolitical tensions could still pose risks to this progress.