Gulf Crudes Signal Easing of Supply Crunch as Iran Deal Boosts Rebound Bets

Rising hopes for Gulf oil supply recovery after the U.S.–Iran deal push Dubai and Murban futures into contango for the first time since the war began, signaling eased near-term scarcity; if the Strait of Hormuz reopens, production could recover, but it will likely take weeks to months for flows to return to pre-war levels, with much storage already holding crude in tankers.