Strait of Hormuz Crude Oil Traffic Rises to 10M Barrels/Day
Commercial shipping through the Strait of Hormuz has surged to 10 million barrels of crude oil per day, though volumes remain about 50% below pre-war levels. Uncertainty persists over the future after the 60-day memorandum expires.
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Commercial shipping traffic through the Strait of Hormuz has reached 10 million barrels of crude oil per day, according to Bloomberg.
The sharp increase follows the signing of a 60-day "Memorandum of Understanding." However, oil volumes through the strait are still approximately 50% below pre-war levels.
Uncertainty remains over what will happen once the MoU expires. Meanwhile, US oil prices have declined more than 40% from their recent highs.
Source: The Kobeissi Letter