Secret oil flows keep Hormuz crisis from sending prices skyward
Despite a three-month wartime disruption in the Strait of Hormuz, oil prices have stayed around $93 a barrel as analysts say clandestine flows and “ghost” transits may be moving millions of barrels daily, offsetting the blockade. JPMorgan estimates about 2.1 million barrels per day in clandestine flows in late May, with roughly 4.5 million barrels per day exiting the Persian Gulf via other routes; China’s lower imports and softer demand also ease pressure. With U.S. stockpiles declining and the Strategic Petroleum Reserve near multi-decade lows, some warn the market could tighten, with Brent forecast to around $130 a barrel in July–August and gasoline possibly climbing above $5 a gallon this summer.
- The Strait of Hormuz is ‘leaking’ oil CNN
- Fifth Qatari-controlled LNG tanker exits Hormuz strait Reuters
- U.S. Military Is Quietly Guiding Ships Through the Strait of Hormuz The New York Times
- Hormuz Crisis Exposes a Global Flaw That Will Take Years to Fix WSJ
- Kalshi traders say Strait of Hormuz traffic won't return to normal before January CNBC
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