Oil Starts Flowing Through Strait of Hormuz Again

Summary

Bloomberg oil and shipping reporter Weilun Soon discusses the impact of the US 60-day license waiver that allows Iran to resume oil sales. He expects Iranian crude shipments through the Strait of Hormuz to increase as the waiver boosts industry confidence, but notes that a return to pre-war export levels remains uncertain. The report is based on ship tracking data showing 20 million barrels moved over the weekend.

• US issues a 60-day waiver allowing Iran to sell oil internationally as peace talks continue.
• Ship tracking shows at least 20 million barrels of crude passed through Strait of Hormuz over the weekend.
• Iran has sent at least three supertankers through the strait, and loadings at Kharg Island are ongoing.
• The waiver is expected to further increase shipments, but pre-war export levels of 2 million barrels per day may not be sustainable.
• Previously blockaded tankers near Chabahar, Pakistan, are now able to sail to Asian buyers.