Ghost oil flows ease Hormuz crisis, muting the price shock

Despite the blockade, clandestine and “ghost” oil transits in the Strait of Hormuz may be lifting 2.1–2.9 million barrels per day in May, with about 4.5 million bpd moving via other routes such as pipelines. China’s reduced crude imports and ample stockpiles help blunt price spikes, keeping Brent around $93, though expectations of higher prices later in the summer persist as emergency releases dwindle and the market reassesses the disruption’s true scale.