Hormuz reopens, but world has lost 1.15 bn barrels of oil: Report

The Strait of Hormuz has reopened after US and Iran signed a Memorandum of Understanding (MoU), but the global oil market is reported to be in a "precarious state". The world lost around 1.15 billion barrels of oil supply during the 3.5-month US-Israeli war on Iran, reports said. Strategic petroleum reserves are at their lowest levels since 1990, reports added.