Hormuz unblocking triggers a “supply surge”: massive Middle Eastern crude shipments resume, North Sea Brent spot benchmark drops to two-year low
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After the reopening of the Strait of Hormuz, Middle Eastern crude oil accelerated its flow into the European market. Multiple key indicators in the North Sea crude oil market simultaneously weakened, and concerns about oversupply continue to rise.
Forties crude, an important component of the Brent crude benchmark, fell to