#OilPriceFalls BREAKING: Commercial shipping through the Strait of Hormuz has surged to 10 million barrels of crude oil per day, per Bloomberg.
Details include:
1. Traffic has increased sharply since the 60-day "Memorandum of Understanding" was signed
2. Oil volumes through the Strait of Hormuz still stand ~50% below pre-war levels
3. Uncertainty still exists around what will happen with the Strait of Hormuz once the MoU expires
US oil prices are down over -40% from the recent high.
Details include:
1. Traffic has increased sharply since the 60-day "Memorandum of Understanding" was signed
2. Oil volumes through the Strait of Hormuz still stand ~50% below pre-war levels
3. Uncertainty still exists around what will happen with the Strait of Hormuz once the MoU expires
US oil prices are down over -40% from the recent high.