Hormuz Reopening Is Quickly Flooding Oil Markets With Supply (opens original article in a new tab)

The reopening of the Strait of Hormuz has led to a surge in oil supply, causing price drops and market oversupply, with Angolan crude selling at significant discounts and global Brent prices falling below $75 a barrel.

• Key parts of the oil market are experiencing a surge in supply due to increased cargo flows from the Strait of Hormuz following a US-Iran agreement.
• Angolan crude is being sold at the largest discounts in over a decade, with prices up to $10 a barrel below the global Dated Brent benchmark.
• Global Brent prices dropped below $75 a barrel, reflecting a shift from tightness to oversupply in the oil market.
• The UAE's oil exports reached nearly 85% of prewar levels by early June, contributing to the oversupply in global markets.