Persian Gulf Oil Tanker Traffic May Never Fully Recover

AI Summary

Oil and gas traffic via the Strait of Hormuz is unlikely to return to pre-war levels due to Iran's control over the chokepoint. This control is expected to contribute to looming supply shortages impacting global oil markets.

Oil and gas traffic via the Strait of Hormuz may never go back to pre-war levels if Iran cements its hold over the chokepoint. The warnings come from several unrelated sources as the war continues to drag on, with some recovery in traffic but nowhere near pre-February 28 levels. Meanwhile, Big Oil is warning that the looming supply shortage is about to hit global markets in weeks. “No matter what happens, the Iranians will control the Strait of Hormuz for the foreseeable future,” Amos Hochstein, senior national security and energy advisor…