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The Nexus
BUSINESSJun 30 · 12:12 UTCSEMAFORPrashant Rao

As Hormuz opens, oil markets are awash in supply

The oil market faces a sudden oversupply as millions of stranded barrels from the Persian Gulf enter global markets, pushing prices to their lowest since the US-Iran war began. Morgan Stanley and Goldman Sachs have cut price forecasts, citing high US exports and low Chinese imports as key factors.

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Morgan StanleyorganizationGoldman SachsorganizationStrait of HormuzplacePersian GulfplaceBrent crudetopicUnited StatesplaceChinaplaceoil marketstopic
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