Oil Prices Plummet Amid Surprisingly Strong Middle East Flows

Oil prices took a hit on Monday as JPMorgan analysts reported surprisingly strong flows from the Middle East, averaging 17.1 million barrels per day over the past 10 days.

This figure is down by 6.1 bpd from the 2025 average, yet tracking firms note that traffic through the Strait of Hormuz has slowed to a trickle, with few ships passing through.

The U.S. has been escorting ships through the waterway while enforcing a blockade on Iranian ports.

Brent crude, the international benchmark, fell over 2.5% to $101.20 per barrel, while West Texas Intermediate, the U.S. benchmark, dropped by 2.44% to $97.85 per barrel.