Crude Oil Exports Reach 13.5M BPD at Hormuz Prewar Levels

Crude oil exports through the Strait of Hormuz reached a seven-day average of 13.5 million barrels per day (bpd) as of Monday, matching prewar levels. This increase comes as U.S. military escorts and redirected pipelines enhance shipments. However, refined product shipments remain constrained at a seven-day average of 677,000 bpd compared to 3.6 million bpd prewar. The overall crude and product shipments were at a seven-day average of 14.2 million bpd, about 80% of the prewar baseline of 17 million bpd, impacting global fuel supply and diesel prices. These developments matter for investors as they navigate changes in market dynamics which affect global oil prices.