WS #10617
Oil markets are suddenly awash in supply as cargoes stream out of the Strait of Hormuz following the US-Iran agreement, driving WTI and Brent sharply lower and tanker rates to near $470,000/day. The US Senate passed a bill to limit military campaign against Iran, and Iran-US direct technical talks have been approved, further reducing geopolitical risk.
Strait of Hormuz reopening and oil supply surge
Oil markets are suddenly awash in supply as cargoes stream out of the Strait of Hormuz following the US-Iran agreement, driving WTI and Brent sharply lower and tanker rates to near $470,000/day.
The US Senate passed a bill to limit military campaign against Iran, and Iran-US direct technical talks have been approved, further reducing geopolitical risk.