Crude oil exports through the Strait of Hormuz reached a seven-day average of 13.5 million barrels per day, matching prewar levels, boosted by U.S. military escorts and pipeline redirections. Refined product shipments remain severely constrained at 677,000 bpd versus 3.6 million bpd before the war, bringing total flows to just 80% of the prewar baseline. U.S. diesel prices have hit record highs amid this global fuel shortfall. American sanctions have crippled Iranian exports, with Treasury Secretary Scott Bessent stating that Irans final crude deliveries to China will arrive in about two weeks. Roughly 40% of Gulf crude now bypasses Hormuz through pipelines compared to 17% before the conflict.
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