Oil Edges Lower on OPEC Increase, Dollar Steady: Markets Wrap

Brent oil erased all of its “wartime” gains as throughput through the Strait of Hormuz ramped up following progress on a US–Iran peace deal. The increased supply flow likely offsets geopolitical supply risk, pushing crude prices lower from prior elevated levels.

Analysis

Brent oil erased all of its “wartime” gains as throughput through the Strait of Hormuz ramped up following progress on a US–Iran peace deal. The increased supply flow likely offsets geopolitical supply risk, pushing crude prices lower from prior elevated levels.