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Hormuz Reopens as Traders Price Out the War Premium

A U.S.-Iran agreement reopening the Strait of Hormuz and lifting maritime blockades has driven crude oil prices below $80/barrel, though geopolitical risks persist. China's crude oil refining throughput declined 9.1% year-over-year to 12.7 million barrels per day, marking refinery runs at their lowest level since April 2022 amid demand destruction following the U.S.-Iran conflict.

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The U.S.-Iran agreement to reopen Hormuz and lift the maritime blockade has pushed oil below $80, though risks remain if tensions in Lebanon escalate. China Slams the Brakes on Crude Refining - China’s crude throughput has plunged by a hefty 9.1% year-over-year to 12.7 million b/d, according to the country’s National Bureau of Statistics, marking one of the most substantial instances of demand destruction on the heels of the US-Iran conflict.- Refinery runs in China plunged to their lowest since April 2022, depressed by negative refining…

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