Oil prices trade lower or steady as markets weigh a gradual recovery in shipments through the Strait of Hormuz against expectations of additional supply from OPEC+. Several outlets report that tanker traffic through Hormuz is increasing following peace-related U.S.-Iran diplomacy, which reduces immediate concerns about a sharp supply disruption. The Independent and Investing.com say investors increasingly focus on the pace of shipping recovery, noting that vessel movements remain below pre-conflict levels. The Express Tribune adds that IEA data show global oil production recovering as Hormuz flows resume, though regional production is still below levels seen before the conflict.
At the same time, Financial Post and Yahoo Finance cite signals from OPEC+ of plans for higher output, raising concerns among some investors about a potential supply glut if flows continue to normalize. Bloomberg characterizes the market as steadying on increased near-term supply while talks continue. Channel NewsAsia reports price declines extend or reverse depending on expectations for smoother crude flows, with investors awaiting further progress on Hormuz logistics.
