The Strait of Hormuz is set to reopen after a US-Iran deal, potentially flooding Asian markets with millions of barrels of crude. Refiners, already well-supplied and reducing processing, now face worries of oversupply. This shift from earlier fears of shortages is reflected in falling oil prices and market contango. The Strait of Hormuz is set to reopen after a US-Iran deal, potentially flooding Asian markets with millions of barrels of crude. Refiners, already well-supplied and reducing processing, now face worries of oversupply. This shift from earlier fears of shortages is reflected in falling oil prices and market contango.
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Iran-US deal signed: 62 million barrels set to leave Hormuz as Asia braces for oil glut
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