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Axios · United States · Hormuz reopening faster than expected raises oil glut risk as China cuts imports
Reported that Middle East oil transit and production was resuming faster than expected, citing 35 tankers transiting on July 2 per Morgan Stanley, the first time traffic approached pre-crisis daily norms in a single day; noted Brent hovering near $68.5/bbl.
“Middle East oil transit and production resume faster than expected; Brent holds near $68.5 as the recovery outpaces forecasts.”