Standard Chartered: Oil Price Correction Is Likely Overdone

Oil prices have declined by the biggest margin since the Iran war began in late February, with Brent crude for June delivery and WTI for May delivery retreating to the mid-$90s per barrel, alongside falling refined product prices. The United States and Iran agreed to a temporary two-week ceasefire on Wednesday, with Tehran allowing safe passage for shipping vessels through the Strait of Hormuz. The two weeks are intended as a window to finalize a permanent settlement, with formal talks scheduled to begin in Pakistan. However, oil and commodity…