Oil prices reach decade lows
Oil prices fell by over 4%, reaching their lowest levels since before the outbreak of the Iran war, amidst the resumption of oil flows through the Strait of Hormuz and expectations of increased supply from the Middle East. A US official stated that around 20 million barrels passed through the strait in recent hours, with tankers continuing to exit under military escort. Meanwhile, JPMorgan forecasts that prices will continue to decline into 2027 due to weak demand and declining drawdowns from inventories.
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