Crude futures extended losses as attention shifted to vessel transits through
the Strait of Hormuz after a US-Iran agreement. Ritterbusch & Associates said
bearish enthusiasm around a reopening contrasts with a separate supply-tight
bullish factor and could persist into next week. The firm added output
restoration will take time, is unlikely to reach 50-60% of pre-war capacity
until August or later, and that rebuilding depleted inventories would drive a
marked pick-up in demand.
