Crude oil exports through the Strait of Hormuz hit prewar levels, but fuel shipments remain constrained
It is unclear how long the recovery can be sustained given that it relies on the U.S. military protecting tankers in the Persian Gulf.
TL;DR
- Crude oil exports via the Strait of Hormuz have reached a seven-day average of 13.5 million barrels per day, matching prewar levels.
- Refined product shipments through Hormuz are significantly lower than prewar levels, contributing to a global fuel crisis.
- A shuttle tanker system, protected by the U.S. military, is being used to transport oil and reduce risks, but its sustainability is uncertain.
- Pipelines operated by Saudi Arabia and the UAE are bypassing Hormuz, increasing their contribution to Gulf crude oil transportation.
- Escalating tensions and the potential for renewed fighting pose a risk to regional oil supplies.