Woofun AI data shows that the U.S. Energy Information Administration updated its Short-Term Energy Outlook following the June 18 memorandum of understanding between the United States and Iran. This agreement aims to end hostilities and reopen the Strait of Hormuz. Consequently, the EIA has increased its global oil production forecasts for the remainder of the year. The agency expects most crude oil output to revert to near pre-conflict averages by the end of this year, with the majority of shut-in production coming back online by the first quarter of 2027.