More oil than previously thought appears to be making its way out of the Gulf, helping keep elevated oil prices from spiking further. According to Axios, the US military has helped ferry crude through the Strait of Hormuz, driving overall levels of exports through the key waterway to about half of prewar levels and undermining Iranian efforts to control the crossing.
Separately, Saudi Arabia’s state-owned oil giant has notified at least three European refiners that it will meet its full contracted sales obligations next month, Bloomberg reported. Indeed, prices for oil tankers are surging to record highs, the Financial Times said, as Middle Eastern countries buy up vessels to transfer barrels.