Commodities
Hormuz Reopening Set to Flood Global Markets with Oil
The Strait of Hormuz is expected to reopen on Friday following an interim deal between the US and Iran, releasing millions of barrels of stranded oil into global markets.
According to Kpler analyst Muyu Xu, around 93 million barrels of non-Iranian oil will be released from the Persian Gulf, while a further 72 million barrels of Iranian crude are expected to be freed up if broader sanctions relief is granted.
Asian refiners have already secured supplies for June to August and several refineries in China are scheduled to shut for maintenance, reducing demand for immediate supplies.