Oil prices are tumbling as tankers stream out of the Strait of Hormuz, but most of that traffic consists of stranded vessels finally allowed to leave.
Iran struck a commercial ship near Oman this week, even as the 60-day U.S.-Iran ceasefire holds. Markets are pricing in a supply glut, but actual supply remains uncertain.
Analysts note that China may resume buying oil once it finishes selling off its current cargoes. The Iranian strike on a commercial vessel could raise concerns among market players.
