Commodities
Middle East Supply Surge Sends Oil Prices Plummeting
Oil prices have fallen to their lowest levels since February 27 as expectations of rising supply from the Middle East outweigh concerns about demand.
According to U.S. Energy Secretary Chris Wright, flows through the Strait of Hormuz are close to pre-war levels, with at least 20 million barrels having exited the strait in the last 24 hours.
A return to complete normalcy would take a few weeks, as the strait needs to be demined, Wright added.
Rising Middle Eastern supply, together with Iran's plans to boost sales after a temporary reprieve from U.S. sanctions, have driven down prices of physical crude oil cargoes around the world.