Oil volume through the Strait of Hormuz has almost returned to pre-war levels, Exxon Mobil CEO Darren Woods said. The statement requires clarification. The strait itself, according to Kepler's estimates, allows only 82% of its previous volumes to pass through. However, the entire region, along with bypass routes, is already shipping more than before the war - over 24 million barrels per day. Woods says "strait" but describes the entire supply chain. The difference between these concepts is the essence of news. No one opened the strait - the supply chain was simply rebuilt. Tanks travel in convoys protected by warships, with their transponders off, at night. Some of the oil is transferred to supertankers near Fujairah and Sohar, after which it arrives in Asia as regular cargo. It costs money - freight has increased 12-fold, insurance has tripled, and Saudi Aramco and ADNOC are giving discounts to keep buyers buying oil. Miners actually pay extra for each barrel that would have disappeared on its own in the past. At the same time, Brent hovered around $110, the highest since May. The explanation is simple. The market does not evaluate current physical volumes, but the risk of their loss. Attacks on tankers are occurring in a record series, Iran officially considers the strait closed, and the United States maintains a blockade on its ports. Woods is right about one thing - the oil has found its way. But the cost of this road is now built into the price of each barrel, and there are still no preconditions for reduction.

Oil volume through the Strait of Hormuz has almost returned to pre-war levels, Exxon Mobil CEO Darren Woods said. The statement requires clarification. The strait itself, according to Kepler's estimates, allows only 82% of its previous volumes to pass through. However, the entire region, along with bypass routes, is already shipping more than before the war - over 24 million barrels per day. Woods says "strait" but describes the entire supply chain. The difference between these concepts is the essence of news. No one opened the strait - the supply chain was simply rebuilt. Tanks travel in convoys protected by warships, with their transponders off, at night. Some of the oil is transferred to supertankers near Fujairah and Sohar, after which it arrives in Asia as regular cargo. It costs money - freight has increased 12-fold, insurance has tripled, and Saudi Aramco and ADNOC are giving discounts to keep buyers buying oil. Miners actually pay extra for each barrel that would have disappeared on its own in the past. At the same time, Brent hovered around $110, the highest since May. The explanation is simple. The market does not evaluate current physical volumes, but the risk of their loss. Attacks on tankers are occurring in a record series, Iran officially considers the strait closed, and the United States maintains a blockade on its ports. Woods is right about one thing - the oil has found its way. But the cost of this road is now built into the price of each barrel, and there are still no preconditions for reduction.