Persian Gulf Oil Exports Recover, Centcom Says Hormuz Is Mine Free
Speakers
Abeer Abu Omar
— Reporter, Bloomberg London
Summary
Bloomberg's Abeer Abu Omar reports that Persian Gulf oil exports have recovered to about two-thirds of pre-war levels, around 15-16 million barrels per day, limiting the Iran war's impact on crude prices. Brent crude is down but still near $90 as traders weigh that recovery against a disputed US claim that the Strait of Hormuz has been cleared of mines. Wider US-Iran negotiations remain stalled.
- Goldman Sachs and Bloomberg estimates put Persian Gulf oil shipments at roughly 15-16 million barrels per day, about two-thirds of pre-war levels.
- Brent crude trades around $90, down on the session, as recovering exports limit war-related supply fears.
- Centcom says the Strait of Hormuz is mine-free after a months-long mission and that no shipments are leaving Iranian ports.
- Iran disputes the mine-clearance claim, and Bloomberg Economics says all mines are unlikely to have been removed.
- Trump reportedly told mediators he does not want to return to MOU concessions and is pivoting toward economic isolation of Iran.
- US-Iran negotiations remain at an impasse with no wider talks in sight.
Ideas
Brent crude faces two-sided supply risk.
Persian Gulf oil exports have recovered to about two-thirds of pre-war levels, roughly 15-16 million barrels per day according to Goldman Sachs and Bloomberg estimates, limiting the Iran war's impact on global crude prices. At the same time, the US claim that the Strait of Hormuz is mine-free is disputed by Iran and by Bloomberg Economics, which says all mines are unlikely to have been removed, leaving Brent crude around $90 in a two-sided risk setup.
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Speakers: Abeer Abu Omar · Tickers: BNO