Strait of Hormuz reopened eases oil supply

Reports indicated that reopening the Strait of Hormuz after the temporary agreement between the United States and Iran will lead to the release of millions of barrels of oil stuck in the Gulf to global markets, which could put downward pressure on oil prices. Sources predicted that oil flows through the strait could recover to around 70% of pre-conflict levels by the end of next month, with the possibility of full production resumption by October. Oil shipments had decreased significantly during the period of conflict due to navigational restrictions, but the expected resumption paves the way for supply recovery and increased global oil flows.

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