Iranian Crude Oil Flows Via Hormuz Surge as More Ships Transit

Iran has significantly increased the volume of crude oil flowing through the Strait of Hormuz, reaching the highest levels since the war began. This surge in shipping activity coincides with efforts between Tehran and Washington to establish a lasting peace deal. Following an interim agreement with the US, millions of barrels have exited the region. Consequently, sellers of Iranian crude oil to China have responded to the increased supply by slashing prices.