The quantity of refined oil products loaded in the Persian Gulf is rising, and most of them are leaving the Strait of Hormuz. As the war with Iran enters its ninth month, this has brought some relief to one of the world's most tense oil markets. According to data from ship tracking and analysis company Vortexa Ltd, the region loaded about 3 million barrels/day of distillate oil, petrochemical raw naphtha, and liquefied petroleum gas in October. Although this is still only about half of the pre-conflict level, it has recovered from the May low of around 1 million b/d. Xavier Tang, senior market analyst at Vortexa, said that most of these goods have been or are about to be shipped through the Strait of Hormuz, but the exact amount is difficult to accurately count due to transshipment within the bay and methods of masking traffic, such as turning off transponders. Despite this, the recovery rate of refined oil products still lags behind crude oil, and at some point in the previous few months, crude oil shipments were close to the level in early February.

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