The journey from supply crisis has been unexpectedly quick as deliveries through the Strait of Hormuz are flowing again following the deal between the US and Iran in mid-June.
For the first time since a price war in 2020, state-owned oil producer Saudi Aramco is offering a discount on its Arabian Light crude oil. Buyers in Asia will receive a discount of $11 per barrel in August - which the Saudis say is $1.50 below the regional benchmark.
This reflects the fall in both North Sea oil and US WTI oil on futures markets, which have quickly fallen back to pre-war levels.
According to analysts, more Saudi price cuts could follow if the amount of available crude oil remains high.
