North Sea crude weakened as a fresh wave of Middle East barrels flooded Europe,
boosting concern about potential oversupply after the Strait of Hormuz reopened.
In S&P Global Commodity Insights’ Platts pricing window, Forties crude — one of
six grades underpinning the global spot Brent benchmark — fell on Monday to a
two-year low, while WTI Midland slipped to a three-month low. Dubai benchmark
softened and its spread moved further into contango, a typical signal of ample
supply. Traders say shipments via the Strait of Hormuz have not fully
normalized, but market anxiety over excess supply is rising.
