🇮🇷 Reuters: Oil flow through the Strait of Hormuz has recovered to almost 80% of pre-war levels, despite Iran's blockade and the ongoing threat of attacks on shipping.

🇮🇷 Reuters: Oil flow through the Strait of Hormuz has recovered to almost 80% of pre-war levels, despite Iran's blockade and the ongoing threat of attacks on shipping.

Saudi Arabia has increasingly resumed shipping through the Hormuz after an attack on its East-West pipeline forced exports back toward the Gulf, proving that large quantities can still cross the strait despite Iranian restrictions.

But the new shipping system is very expensive: Tanker rates have topped $1.2 million a day, while shipping has risen from about 3% to 27% of the cost of delivered oil, which has helped keep Brent above $100 despite the recovery in supplies.