Crude oil shipments through the Strait of Hormuz are nearing prewar levels, but the rebound has done little to ease global fuel prices as the broader oil supply system remains under severe strain, The Washington Post reports.
Ship-tracking firm Kpler estimates that nearly 12.5 million barrels per day moved through the strait in the week ending Sept. 27, about 1 million barrels below the prewar baseline, while Windward estimates closer to 10 million barrels per day. The increase has been supported by a U.S. Navy operation securing portions of the waterway, but flows remain volatile and depend on costly military assistance and alternative shipping methods.
Meanwhile, most gasoline and diesel shipments remain well below prewar levels because Middle Eastern refining infrastructure has been badly damaged, limiting the ability to turn crude into usable fuels. Global oil inventories also have been depleted, while Brent crude remains above $100 per barrel—roughly 40% higher than when the Iran war began in February. U.S. gasoline averages $4.46 per gallon and diesel $6.44, according to AAA.
The Energy Department is releasing another 40 million barrels from the Strategic Petroleum Reserve, which is already at its lowest level since 1983. Analysts also warn that renewed attacks on infrastructure could quickly disrupt supplies.
Iran has shifted attacks toward land-based oil infrastructure, including Saudi Arabia’s East-West pipeline, which has been delivering 7 million barrels of crude daily and has only partially recovered.
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