Oil: Supply rebound and glut concerns – Commerzbank

FXStreetJul 6, 2026 9:09 AM

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Commerzbank’s Dr. Henry Hao and Charlie Lay highlight a structural shift in Oil as a US–Iran interim peace deal boosts crude supply and restores shipping through the Strait of Hormuz. Seven OPEC+ members will lift output again in August, raising fears of a global crude glut.

Peace deal drives supply recovery

"The US-Iran interim peace deal continued to unleash a wave of crude supply, sending oil prices toward pre-war levels and rekindling fears of a global glut."

"Energy markets faced a structural shift over the weekend."

"Seven OPEC+ members led by Saudi Arabia and Russia agreed at a Sunday video conference to raise their collective output target by 188k barrels a day in August, marking a fifth consecutive monthly increase."

"These supply catalysts fanned concerns about a potential global crude glut."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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