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Hormuz Fuel Exports Recovery Fails to Ease Oil Prices

Bloomberg Markets •
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Oil-product exports through the Strait of Hormuz are slowly recovering, but the pace hasn't been enough to prevent a surge in fuel prices that is squeezing consumers around the world. The region is currently shipping at least 1 million barrels a day of oil products through the contested waterway, according to Vitol Group Chief Executive Officer Russell Hardy and a number of other traders at a conference in Singapore this week. Data from tanker-tracking agency Vortexa show similar levels, compared with about 4 million barrels a day of prewar shipments, excluding liquefied petroleum gas.