Oil is flowing again through the Strait of Hormuz—and in a big way.
New data shows that shipments have reached their highest levels since the conflict started 40 days ago. This comes right after the two-week ceasefire between the US and Iran, giving global markets a much-needed boost.
Over the weekend alone, about 6 million barrels of crude passed through the strait:
- Iraq exported around 2 million barrels from Basra
- Saudi Arabia sent about 4 million barrels through Saudi Aramco
There was also a clear jump in activity. Three massive oil tankers (VLCCs) were seen leaving the الخليج on Saturday morning. That’s a big change compared to the early days of the ceasefire, when very few ships were moving.
For Iraq, this is a major relief.
With oil prices sitting around $125 per barrel, exporting 2 million barrels means a huge amount of money flowing back into the country. Since Iraq depends heavily on oil, this kind of income is critical.
Just as important, confidence is starting to return. The safe passage of these tankers shows that global shipping and insurance companies are becoming less worried about risks in the المنطقة.
If things stay calm, Iraq is expected to officially end the “force majeure” status on its southern oil terminals. That would allow oil production in places like Basra and Maysan to fully return to normal.
In simple terms: oil is moving again, money is coming in, and the global energy market is starting to breathe easier.
