Hormuz crude exports near pre-war levels via pipelines, ship-to-ship transfers

Crude oil exports through the Strait of Hormuz have largely recovered to pre-war levels, as producers and shippers use pipeline exports and ship-to-ship transfers to bypass disruptions, with US military escorts supporting some vessels. Refined product flows, especially diesel, remain constrained. This indicates partial normalization of energy supply routes despite ongoing conflict, reducing immediate supply risk but highlighting persistent bottlenecks in refined products.