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Global Conditions

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  • National Institute of Economic and Social Research

Abstract

The mid‐June Memorandum of Understanding (MoU) between the United States and Iran has created a process for the reopening of the Strait of Hormuz and regularising the flow of tanker traffic through the Strait. Reflecting this, Brent crude oil prices fell from $102 per barrel at the time of our Spring Outlook to $70 per barrel on 2 July and worries about prices spiking to around $150 per barrel have receded.

Suggested Citation

  • National Institute of Economic and Social Research, 2025. "Global Conditions," National Institute Economic Outlook, National Institute of Economic and Social Research, issue Summer, pages 5-17.
    • Handle: RePEc:nsr:niesre:i:summery2026p:5-17
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    File URL: https://niesr.ac.uk/wp-content/uploads/2026/07/Economic-Outlook-Summer-2026.pdf?ver=bRIlAI8jRfszmPEN5DHs
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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