Hormuz Reopening Set to Flood Global Markets with Stranded Oil

The Strait of Hormuz is set to reopen on Friday following an agreement between the US and Iran, releasing millions of barrels of stranded oil into global markets.

Industry executives predict that Middle Eastern crude oil prices will fall as a result, with some analysts estimating that up to 93 million barrels of non-Iranian oil could be released from the Persian Gulf.

Asian refiners have already secured supplies for June to August, but weak refining margins are expected to weigh on fresh purchases.