Hormuz Oil Flows Rebound But Prices Remain High
Crude oil shipments through the Strait of Hormuz have recovered to nearly prewar levels, but this may not translate to lower prices for consumers. According to ship-tracking data from Kpler and Windward, approximately 12.5 million barrels per day moved through the strait during the week ending September 27, about 1 million barrels below its prewar baseline.
The recovery has been aided by Iran's diminished military capabilities and a U.S. Navy operation that has secured portions of the waterway for shipping.
However, oil prices remain high, with Brent crude, the international benchmark, trading at around 40% higher than when the Iran war began in February.
U.S. consumers are still facing steep prices at the pump, with regular gasoline averaging $4.46 per gallon and diesel at $6.44.