Oil flows through the Strait of Hormuz have recovered to around two-thirds of pre-war levels, limiting the Iran war's impact on global crude prices, according to Goldman Sachs Group Inc. Total exports of crude and oil products passing through the waterway have risen to 15 million to 16 million barrels a day, Goldman analysts including Daan Struyven and Yulia Zhestkova Grigsby said in a note. That's still 7 to 8 million barrels below pre-conflict levels, but well above a trough of 5 million to 6 million barrels a day in March, they said.

The recovery suggests supply disruptions from the ongoing conflict have been less severe than initially feared, providing some relief to energy markets already strained by geopolitical tensions. While flows remain constrained compared to historical norms, the gradual uptick indicates improved stability in one of the world's most critical oil chokepoints.

Analysts noted that the current throughput reflects a fragile equilibrium, with shipping activity slowly normalizing despite lingering security concerns in the region. The data underscores how market mechanisms and alternative routing have helped mitigate the worst-case scenarios projected during the height of the crisis.