“US expects Iran oil output to fall amid blockade The US Energy Information Administration says Iran’s oil production is likely to decline as a result of the US blockade on its ports, signalling prolonged disruption to global supply. In a statement, the agency said it does not expect output levels or trade flows to return to prewar conditions until late this year or early next year, even if shipping resumes through the Strait of Hormuz. It warned that any extended closure of the waterway could drive prices significantly higher. If the strait remains shut through late June, crude oil prices could rise by around $20 per barrel, it said, noting that its current forecast assumes the route will reopen later this month.
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