EU Notes Slow Recovery in Middle East Oil Flows

The European Union's Oil Coordination Group reported on Friday that crude oil flows have begun a slow recovery following the signing of a memorandum of understanding between the United States and Iran. The group clarified in a statement that reports indicate a gradual recovery in commercial flows after the agreement concluded last week. However, the group also noted that it would take time for supplies from the region to reach Europe. Regarding the crude oil situation, the group considers the current status stable, largely attributed to drawdowns from global inventories over the past few months.