Oil Flow Triples in Strait of Hormuz During US-Iran MOU Period
Summary
Oil shipments through the Strait of Hormuz nearly tripled during a 60-day US-Iran MOU period, but traffic remained well below pre-war levels and began easing again before the deal expired. Renewed attacks on commercial ships and stalled talks have raised concerns about global energy supply and pushed Brent crude slightly higher.
Key Points
- About 374 million barrels of oil were exported from the Gulf during the 60-day MOU period, with daily flow rising from 2.3 million barrels to 6.1 million barrels.
- The increase was still far below the pre-war level of about 15 million barrels per day, or roughly 40 percent of that volume.
- UKMTO reported five attacks on commercial ships in the past week, including a missile strike near Oman that killed one sailor.
- Brent crude rose about 0.3 percent to $91.93 per barrel as fears grew that oil transit through Hormuz could fall further after the MOU expired.
