US-Iran MoU brings oil glut back on the cards in 2027
Oil prices have fallen sharply following the US-Iran agreement to reopen the Strait of Hormuz. Our view is that, while there is limited scope for significant price declines over the coming months, an oil glut would re-emerge in 2027 if the Strait of Hormuz remains open. That would push prices towards $60pb by the end of next year.
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