Hormuz Oil Flows Recover Two-Thirds of Pre-War Levels Amid Easing US-Iran Tensions

Oil flows through the Strait of Hormuz have largely recovered to around two-thirds of pre-conflict levels, according to Goldman Sachs. This recovery has limited the impact of the US-Iran war on global crude oil prices.

Total exports of crude and oil products from the Gulf region have risen to 15 million to 16 million barrels a day, with higher crossings through the Strait of Hormuz contributing to this increase, said analysts Daan Struyven and Yulia Zhestkova Grigsby in a note to clients. However, these figures are still 7 to 8 million barrels below pre-US-Iran war levels.

The rebound has helped trigger positive sentiment in risk assets, including Bitcoin, which is trading more than 1% higher in the past 24 hours. The price currently stands at around $79,900, with a 24-hour low of $78,597 and high of $81,281.