| Title: |
Oil Extends Slide as More Barrels Flow Through Strait of Hormuz. |
| Authors: |
Longley, Alex (AUTHOR); Lua, Nicholas (AUTHOR) |
| Source: |
Bloomberg.com. 7/2/2026, pN.PAG-N.PAG. 1p. |
| Subject Terms: |
*Overproduction; *Petroleum supply & demand; *Petroleum sales & prices; Petroleum; Iran-United States relations |
| Geographic Terms: |
Strait of Hormuz; Persian Gulf Region; Arabian Peninsula; United Arab Emirates |
| Abstract: |
The article focuses on the recent decline in global oil prices to levels seen before the Iran war, driven by increased oil flows through the Strait of Hormuz and signs of market oversupply. Brent crude futures fell below $71 a barrel, with the United Arab Emirates restoring exports to over 3.9 million barrels per day and U.S. estimates indicating more than 10 million barrels per day passing through Hormuz. Saudi Arabia has also resumed shipments from the Persian Gulf and sold oil on an ad-hoc basis to Asian customers, contributing to a bearish market structure signaling short-term oversupply. Meanwhile, indirect talks between the U.S. and Iran are expected to resume soon amid ongoing tensions over Iran’s nuclear program and regional conflicts. U.S. oil inventories, excluding strategic reserves, have declined to their lowest since March 2025 after 12 consecutive weeks of draws. [Extracted from the article] |
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| Database: |
Business Source Premier |