Oil Falls as Traders Weigh Middle East Return, Supply Glut Risks

AI Summary

Oil prices fell as traders considered the potential return of Middle East supply and ongoing risks of a supply glut. Increased shipping traffic through the Strait of Hormuz reflects hope for a US-Iran deal easing tensions.

Oil declined, with shipping traffic through the Strait of Hormuz picking up on hopes for a permanent US-Iran deal and a Wall Street bank issuing fresh warnings about a potential glut. Michelle Brouhard Head of Policy and Geopolitical Risk at Kpler joins to discuss. (Source: Bloomberg)