According to CoinMeta, a report by the International Energy Agency (IEA) shows that oil prices have plummeted by 32% from their peak of $136 on October, and currently Brent crude oil is trading near $95. IEA predicts that despite the ongoing Iran war, global oil supply will exceed demand in the fourth quarter of 2026, leading to a return to a surplus in the market. In October, global crude oil production increased by 2.3 million barrels per day to reach 105.4 million barrels, and Gulf crude oil exports have recovered to 15 million barrels per day, which is about 82% of pre-war levels. At the same time, global demand is expected to decline by 2.7 million barrels per day in 2026, reflecting the impact of high energy prices and hindered industrial activity.