Oil pared wartime gains on Thursday as markets priced in improved global supply
after tankers began transiting the Strait of Hormuz following a US‑Iran
agreement to reopen the route. Maritime analytics firm Kpler says more than 20
tankers carrying roughly 35 mln barrels of crude — mostly non‑Iranian vessels
that had been stranded in the Gulf for over three months after Tehran
effectively closed the waterway — have transited the strait; most are expected
to reach Asian destinations in early August. CITIGROUP says the worst phase for
commodity‑futures carry/arbitrage trades may be over; its base case assumes
materially eased tensions and it sees Brent falling to $60–65/bbl over the next
6–12 months as shipping normalizes.
