Oil prices

Golden Ten Data reported on June 18 that crude oil futures further widened their decline as market focus shifted to the passage of ships through the Strait of Hormuz following the signing of the US-Iran agreement. Ritterbusch & Associates stated in a report, "The wave of bearish sentiment triggered by the reopening of the strait stands in sharp contrast to the extremely tight supply factors favoring the bulls. This situation could persist until next week." The agency added that it will take time to restore supply levels, "and it is unlikely to reach 50%-60% of pre-war capacity even by August or later." The replenishment of depleted inventories will also drive a significant increase in demand.