Middle Eastern oil producers continue shipping large volumes of crude through the Strait of Hormuz, keeping prices in check despite the Iran war. Dark fleet shipments with transponders turned off are running above the 4 million barrels per day market estimate. Before the conflict, roughly 20 million barrels per day crossed Hormuz, about a fifth of global oil supply, compared to 9 million barrels last week, nearly half of pre-war levels. Brent futures have traded between $80 and $90 a barrel in August, far below the $150 some analysts had anticipated when the war began. Abu Dhabi National Oil Co reported that 23 of its vessels have been attacked in the strait, resulting in one fatality and 20 crew injuries.
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