Falling Murban and Dubai crude prices after the U.S.-Iran deal have opened arbitrage to ship Middle East oil to the U.S. and Europe.

Oil prices fell sharply after the U.S. and Iran announced a deal to reopen the Strait of Hormuz.

Dubai crude premiums fall to $2.06, matching pre-war levels after the US-Iran framework deal, but oil prices remain $10-20 above pre-conflict benchmarks.