Hormuz crude flows return to pre-war levels, but oil prices may remain elevated

Crude oil shipments transiting the Strait of Hormuz have returned to pre-war levels, with a seven-day average of 13.5 million barrels per day. Despite this recovery in crude flows, refined-fuel supplies remain constrained, limiting downward pressure on global oil prices.

The persistence of low refining capacity means that even stable crude availability may not translate into lower fuel costs in the near term. Analysts suggest crude prices could remain anchored in the $90–$100 range.