Oil flows nearly tripled before US-Iran MoU expired, analysis shows
Summary
Oil exports through the Strait of Hormuz nearly tripled during a 60-day agreement between the United States and Iran, but volumes were still far below pre-war levels. The agreement ended without a peace deal, and attacks on commercial ships in the area continue, highlighting ongoing tensions that affect a key global oil route.Key Facts
- About 374 million barrels of oil passed through the Strait of Hormuz during the 60-day US-Iran Memorandum of Understanding (MoU).
- This equals about 6.1 million barrels per day, nearly triple the 2.3 million barrels per day exported before the agreement.
- Despite the increase, oil flow was only about 40% of pre-war levels, which were around 15 million barrels daily.
- The MoU expired on June 17 without a peace deal due to stalled talks between Washington and Tehran.
- Attacks on commercial ships in the Strait of Hormuz have continued, with five vessels attacked in one week.
- One seafarer died in a recent attack on a bulk carrier off Oman; no group has claimed responsibility.
- Since war began between the US/Israel and Iran, at least 18 seafarers have died in attacks on commercial vessels.
- Oil shipments through the Strait have decreased recently, and oil prices have slightly risen, reflecting market concerns.
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