Brent Crude Weakens as Middle Eastern Oil Floods Europe; Forties Falls to Two-Year Low

According to Jin10, on Monday (June 23), Brent crude benchmarks weakened as a surge in Middle Eastern oil exports flowed into Europe, with Forties crude falling to a two-year low and WTI Midland hitting three-month lows. The decline reflects growing oversupply concerns following the resumption of oil flows through the Strait of Hormuz, with Dubai benchmark showing softness and widening contango structures signaling adequate supply.
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