Authored by Tsvetana Paraskova via OilPrice.com,

The oil market has been on edge for a week now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said on Tuesday, adding that the current impasse is also threatening to derail the global economic recovery.

In June, global oil demand is estimated to have jumped by as much as 3.2 million barrels per day (bpd) to 96.8 million bpd, the agency said in its closely watched Oil Market Report for July.

For the rest of the year, oil demand will continue to rebound thanks to solid economic growth, rising vaccination rates, and easing of restrictions in many economies, the IEA said.