Over 60 million barrels poised to leave the Persian Gulf for Asia as Strait of Hormuz reopens

The Strait of Hormuz is expected to reopen, allowing roughly 62 million barrels of Middle Eastern crude that have been held up in the Persian Gulf to move toward Asia over the next few weeks. Asian refiners had cut run rates during the disruption and turned to alternative supply from West Africa and the Americas, leaving inventories sufficient to cover June and July demand. Investment banks have lowered their oil price forecasts: Morgan Stanley cut its 2026 third-quarter Brent call to $90 per barrel from $100, while Goldman Sachs reduced its fourth-quarter forecast to $80 from $90 and lowered its 2027 average to $75.