The flow of Brent in the Strait of Hormuz has recovered to pre-war levels, putting an end to what was described as an attempted blackmail by Iran. The Strait of Hormuz is a strategic maritime passage through which a significant portion of the world's oil passes, having been targeted by Iranian threats recently.
More than 17 million barrels of oil are currently at sea, representing a sufficient floating reserve to ensure global supply. This quantity makes it possible to bypass any blockades or pressures in the Strait of Hormuz without significantly affecting delivery to international markets.
The secret behind this situation lies in the support of Saudi pipelines, which allow part of the crude flow to be diverted away from the Strait of Hormuz. Saudi Arabia has terrestrial infrastructure that transports oil to ports on the Red Sea, avoiding passage through the strategic corridor controlled by Iran.
The US Energy Secretary assured that global supply has managed to bypass threats in the Persian Gulf. This statement comes at a time when tensions in the region appeared to pose a real risk to oil prices and global energy security.
