Iran-US peace deal signed: 62 million barrels set to leave Hormuz as Asia braces for oil glut

The Strait of Hormuz is set to reopen after a US-Iran deal, potentially flooding Asian markets with millions of barrels of crude. Refiners, already well-supplied and reducing processing, now face worries of oversupply. This shift from earlier fears of shortages is reflected in falling oil prices and market contango.