The global oil market is set to swing back into oversupply as the impact of the Iran war fades and traffic through the Strait of Hormuz recovers, according to Goldman Sachs Group Inc, Bloomberg reports.

While purchases of crude to replenish strategic reserves are expected to tighten the global market to some extent, they would only partially offset the anticipated glut, Samantha Dart, co-head of global commodities research, said in an interview on Bloomberg Television.