Reopening of Strait of Hormuz floods oil markets with supplies
A tanker moored near Port Sultan Qaboos in Muscat, Oman, on June 21. (Elke Scolliers/Bloomberg) June 24, 2026 2:27 pm, EDT key takeaways: A surge in oil cargoes through the Strait of Hormuz, reopened following the US-Iran deal, has triggered oversupply and weak markets across Europe and Asia. Excess supply from Middle Eastern exports and