Kuwait and Qatar, two smaller oil producers in the Persian Gulf, are transporting more crude oil through the Strait of Hormuz, which has further increased crude oil shipments, thereby curbing global oil prices. According to traders who did not wish to be named, the two countries exported a total of 2 million barrels of oil every day before the outbreak of the war in Iran, and oil shipments have now returned to 70% of pre-conflict levels. Traders said that currently about 7 million to 8 million barrels of crude oil are flowing out of the Strait of Hormuz every day, up from about 4 million barrels per day in mid-July. That's about three-quarters of pre-war levels. Vortexa said on Monday that the seven-day average crude oil flow through this channel was nearly 10 million b/d.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.