Middle East Crude Supplies Boost Pressure on Oil Prices

Crude oil prices are under pressure due to increased supplies from the Middle East. The Strait of Hormuz, a crucial waterway for crude exports, is seeing an increase in shipments despite ongoing tensions between the US and Iran.

A revenue-sharing agreement between Iran and Oman on reopening the Strait of Hormuz has raised concerns about more crude supplies entering the market. According to oil traders, 6-8 million barrels per day (bpd) are being shipped through the strait.

The Joint Maritime Information Center has downgraded the threat level for shipping in the Gulf of Oman to 'moderate', indicating that attacks on vessels are possible but not likely.