Oil Product Markets Are the Real Hormuz Pain Point

Brent oil erased all of its wartime gains as crude flows through the Strait of Hormuz ramped up following progress on a US–Iran peace deal. The shift suggests improving supply conditions are offsetting earlier geopolitical risk premiums, keeping the near-term price reaction cautious.

Analysis

Brent oil erased all of its wartime gains as crude flows through the Strait of Hormuz ramped up following progress on a US–Iran peace deal. The shift suggests improving supply conditions are offsetting earlier geopolitical risk premiums, keeping the near-term price reaction cautious.