U.S. and Iran Agree on Memorandum Framework; Middle East Oil Supply Expected to Rise on 150M Barrels Released

GateNews
According to Guoyuan Futures research, the U.S. and Iran reached a consensus on the framework of a memorandum of understanding (MOU) over the weekend (May 25). The market anticipates this could pave the way for peace negotiations, with expectations that reopening of the Strait of Hormuz would allow Middle East oil supply to recover from current lows. Over 150 million barrels of crude held in floating storage in the Persian Gulf could be rapidly released to international markets if the deal proceeds.
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