Key refiners in Saudi Arabia, Kuwait and the UAE hope that the US-Iran peace deal will enable a rapid ramp-up in their throughputs.

Middle East crude prices decline into discounts as US-Iran deal improves supply outlook, impacting global oil markets.

Goldman: "We now assume that Persian Gulf exports normalize to pre- war levels by the end of July."

Key refiners in Saudi Arabia, Kuwait and the UAE hope that the US-Iran peace deal will enable a rapid ramp-up in their throughputs.