[Middle Eastern Oil Producers Increase Exports, Hormuz Crude Oil Transport Gradually Resumes] Middle Eastern oil-producing countries are increasing exports, and crude oil traffic through the Strait of Hormuz is gradually recovering. This increase is curbing global crude oil price increases. Oil traders involved in and monitoring freight activity estimate that approximately 6 to 8 million barrels of crude oil are currently passing through this key global oil transport route daily. In July, crude oil traffic declined due to the breakdown of the temporary ceasefire caused by a series of Iranian attacks on supertankers, increasing navigational risks. Current transport volumes are still about half of pre-war levels. However, estimates from various parties can differ significantly and fluctuate considerably. Vortexa estimates that crude oil transport through the Strait of Hormuz averages 10 million barrels per day, and US officials have also given higher estimates. The British Navy stated that two cargo ships were attacked on Monday, serving as a reminder that ships still face significant risks when passing through the strait. One factor driving the continued recovery in transport volumes is the record-high freight rates in the supertanker market, which further incentivizes shipowners to risk transiting the strait.
