Oil Prices to Plunge Later This Year as Global Supply Surges: Signum's Myers

• Global oil prices are expected to fall significantly later this year due to an expansion in global supply, according to Charles Myers of Signum Global Advisors.
• Myers identifies Venezuela, Iran, and Russia as key countries that will contribute to the increased oil supply.
• He states the United States now controls Venezuela, granting unfettered access to its vast oil reserves, which will boost output faster than expected.
• Easing geopolitical tensions could unlock additional supply from Iran through a renewed nuclear deal and from Russia if a Ukraine war ceasefire occurs.
• Myers also commented on the Israel-Iran conflict, predicting Iran's defeat and the US military's eventual control of the Strait of Hormuz to ensure oil flow.