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The American government energy statistics and analyses agency said the world\u2019s top \u2060consuming nations \u200c\u2014 China, the United States, and India \u2014 have tapped oil inventories at a record pace to help offset \u2060the loss of over 11 million \u200cbarrels per day \u2060of Middle Eastern output \u200cin May, compared to pre-conflict levels.<\/p>\n
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The reduced availability of fuel has also contributed to a spike in the price of petroleum products, according to the report.<\/p>\n
Diesel<\/a> and aviation jet fuel<\/a> wholesale prices are set to increase by \u201cmore than 60 per cent in 2026 and 40 per cent in 2027\u201d and wholesale gasoline prices increasing \u201cby 50 per cent in 2026 and nearly 40 per cent in 2027,\u201d compared to pre-conflict prices.<\/p>\n Story continues below advertisement<\/p>\n The report assumes maritime traffic through the Strait of Hormuz \u201cwill remain effectively closed in the near term,\u201d but oil shipments will resume in the third quarter of 2026.<\/p>\n Even with the reopening of the Strait, the EIA predicts it will likely take several months for production to return to pre-conflict levels, which it doesn\u2019t think will happen until early 2027.<\/p>\n \u2013with files from Reuters<\/p>\n \t\t\t\t\t\t \n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t1:49 \n\t\t© 2026 Global News, a division of Corus Entertainment Inc.\t<\/p>\n","protected":false},"excerpt":{"rendered":"Descrease article font size Increase article font size The war in the Middle East, which has shut down…\n","protected":false},"author":2,"featured_media":726134,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,1849,160481,46,4717,295,202944,119202,9891,172000,3275],"class_list":["post-726133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-consumer","tag-diesel","tag-economy","tag-energy","tag-environment","tag-iran-war","tag-jet-fuel","tag-oil-prices","tag-strait-of-hormuz","tag-world"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/726133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=726133"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/726133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/726134"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=726133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=726133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=726133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Click](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/06\/260430-HEATHER.jpg\")
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tIran war standoff pushes oil prices to 4-year high\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n