Lost Gulf Oil Exports Far Smaller Than Thought, Traders and Shippers Say

AI Summary

The closure of the Strait of Hormuz amid the Iran war has resulted in lower than expected lost Gulf oil exports according to traders and shippers. The market continues to assess the impact of reduced crude supply in the region on oil prices.

Since the start of the Iran war and Tehran's announcement that the Strait of Hormuz was "closed," the market has grappled to put a figure on lost crude supply and to predict the price of oil.