Has Iran's Hormuz control slipped?
USO•Middle East oil flows exceeded pre-war levels of 18 million barrels per day for several days in late September, even as Iran continued targeting tankers. Crude prices remained above $100 a barrel, around 40% above pre-war levels.
1. Oil flows recover
Middle East oil flows rose sharply at the end of September, exceeding pre-war levels of 18 million barrels per day for several successive days in the final week, data from analytics firm Kpler showed. Iran continued targeting tankers crossing the Strait of Hormuz almost daily.
2. Prices and reserves
Benchmark crude prices remained above $100 a barrel, around 40% above pre-war levels. The Group of Seven countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions. The global shortfall in refining capacity means the release will likely provide only short-term, limited price relief.
