North Sea oil prices slumped to fresh lows on Wednesday as the region’s physical crude traders weighed the prospects of a de-escalation of the Iran war following US President Donald Trump’s heavy defeat in the midterm elections.

Rebounding oil flows from the Persian Gulf are sending the cost of physical cargoes around the world tumbling, hitting key grades from the Middle East to the North Sea and Africa.

Guyana’s crude oil exports are set to surpass 1 million barrels a day for the first time when the country starts shipping its Uaru grade in December.

Saudi Aramco has told European oil refiners it will provide them with all the crude they asked for in November after the kingdom’s key cross-country pipeline resumed operation following attacks, offering relief to customers who’ve been forced to find alternative supplies.

The soaring cost of moving oil around the world is making some long-distance crude trades uneconomical, threatening to disrupt flows at a time when fuel markets have never been tighter.

Saudi Aramco told at least two oil refining customers in Europe that they will be allocated no crude next month under long-term agreements after the kingdom’s key pipeline to the Red Sea was attacked, people informed of the decision said.

Iraq is struggling to find buyers to collect its crude from inside the Persian Gulf this month after sharply raising the price of its barrels, a development that could jeopardize a pickkup in the nation’s oil flows.

Saudi Aramco has notified at least three European oil refiners that will supply full contractual crude volumes next month, easing concerns about the region’s supply while crude flows from the Persian Gulf and Red Sea are disrupted.

The main terminal for exporting Kazakhstan’s oil resumed loadings after drone attacks on vessels caused an output cut last week, a step that may help to ease one of the market’s major supply worries.

Equinor ASA’s chief crude trader, David Barratt, left the company this week following a string of other departures from the Norwegian energy giant.

Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway.

Key indicators in the North Sea crude market are showing signs of weakness as a wave of Middle Eastern oil heads to Europe, fueling concerns about a supply glut following the reopening of the Strait of Hormuz.

Abu Dhabi National Oil Co has hired commodities veteran Benoit Roulon to head up its trading arm, part of the long-term expansion plan at the Middle Eastern producer which quit OPEC last month.

Nigeria’s massive Dangote refinery is boosting purchases of the country’s crude, helping to stem waning demand for grades from West Africa in light of uncertainty over the resumption of oil shipments from the Middle East.

A wave of oil from the Middle East is set to arrive in Europe next month, a tangible example of how a collapse in Chinese imports is helping other countries to cope with the unprecedented supply disruption wrought by the Iran war.

The world’s physical oil markets are confounding concerns about the growing supply shortfall that’s being caused by the Iran war.

The United Arab Emirates is considering building an additional pipeline for refined products that would bypass the Strait of Hormuz and carry fuels to the country’s east coast.

A North Sea oil grade that’s central to setting the world’s most important physical crude price traded at a discount for the first time during the Iran war, as immediate fears ease of a supply shock in Europe.

Kazakhstan will cut crude exports from a key Russian Black Sea port next month at a time when European refineries are already grappling with an unprecedented supply disruption from the Middle East.

Vietnam’s state oil company urged the US to let a supertanker pass through an American naval blockade outside of the Persian Gulf, saying the shipment is critical to the Asian country’s economy.