Middle East Oil Producers Battle for Market Share as Strait of Hormuz Traffic Recovers

Middle East oil producers have initiated efforts to reclaim market share lost during the Iran war, with traffic through the Strait of Hormuz gradually resuming. This competition among current and former OPEC members is projected to reduce the global crude supply deficit to 250,000 barrels per day in October from nearly 4 million bpd in May. However, consumers are unlikely to experience immediate relief in oil prices.