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Wall Street Journal: Oil decline weakens Iran's leverage
Oil prices have fallen back to pre-war levels, as shipping traffic through the Strait of Hormuz has recovered and Gulf countries have resumed operations on closed wells, leading to an increase in global oil inventories and diminishing Iran's ability to use the strait as an economic pressure tool. Data shows OECD stockpiles have decreased by 163 million barrels, while countries are expected to start rebuilding their reserves in the final quarter of the year. Meanwhile, pressure on prices remains, with forecasts suggesting they could drop to around $60 per barrel in the coming months.
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