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Middle East Oil Markets Weaken on Optimism Over Increased Supply

Middle East Oil Markets Weaken on Optimism Over Increased Supply
Bloomberg Markets Tuesday 16 June 2026, 02:55 UTC By Yongchang Chin 1 min read
Key Points

Middle East Oil Markets Weaken on Optimism Over Increased Supply Middle Eastern crude markets weakened as the US-Iran agreement to reopen the Strait of Hormuz spurred optimism around an increase in flows from the oil-rich region. The forward curve for benchmark crudes like Dubai and Murban flipped into contango for the first time since the beginning of the war. The market pattern — when prompt contracts trade at a discount to later-dated ones — indicates there’s less concern about a lack of...

Middle East Oil Markets Weaken on Optimism Over Increased Supply Middle Eastern crude markets weakened as the US-Iran agreement to reopen the Strait of Hormuz spurred optimism around an increase in flows from the oil-rich region. The forward curve for benchmark crudes like Dubai and Murban flipped into contango for the first time since the beginning of the war. The market pattern — when prompt contracts trade at a discount to later-dated ones — indicates there’s less concern about a lack of supply.
Middle East Oil Markets (LOCATION) US (LOCATION) Iran (LOCATION) the Strait of Hormuz (LOCATION) Dubai (LOCATION) Murban (PERSON)
Originally published by Bloomberg Markets Read original →

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