Commodity strategists warn that Iranian leverage in the Strait of Hormuz will continue to weigh on oil markets and shipping costs.

Oil prices tumbled as markets bet Strait of Hormuz disruptions will ease, with Brent down 10% on the week and Middle East crude benchmarks slipping into contango.

Oil prices are sliding on hopes of a Hormuz supply flood, but analysts warn the rebound is driven by stranded tankers, not new flows.