Global oil prices plunged Wednesday, hitting multi-month lows as supply worries eased with tankers clearing the Strait of Hormuz. An interim deal with Iran is unlocking stored crude, potentially boosting sales significantly. While U.S. inventories remain tight, rising fuel stockpiles and a forecast cut by J.P. Morgan also contributed to the price drop. Uncertainty, however, lingers over the durability of the U.S.-Iran accord.
Global oil prices plunged to multi-month lows as supply concerns eased. Tankers clearing the Strait of Hormuz and an interim deal with Iran, releasing stored crude, are significant factors. Rising fuel stockpiles and a J.P. Morgan forecast cut also contributed to the price drop.
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