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Today The Strait of Hormuz is reopening in force: transits have surged and Persian Gulf exports are back to roughly 75% of pre-war levels. Saudi Arabia began loading tankers at Ras Tanura, the UAE, Kuwait, and Qatar are boosting supply, and Iraq is seeking a higher OPEC quota — with the main constraint now a shortage of tankers, not the conflict. Crude has settled at pre-war levels: Brent near $72, its lowest since February 27, after an over-10% weekly drop. A projectile struck the container ship Ever Lovely off Oman, briefly lifting oil ~2%, but Trump confirmed the strait stays open and the spike faded. AAA gas slipped to $3.867 as pump relief broadens.
The reopening is now in force. Persian Gulf exports have recovered to roughly 75% of pre-war levels as shipping transits through the Strait of Hormuz surge and vessels openly navigate the waterway with their tracking signals on. Saudi Arabia has begun loading tankers at its Ras Tanura terminal — a signal of a major regional output ramp — while the UAE, Kuwait, and Qatar boost supply and Iraq seeks a higher OPEC quota to recoup wartime losses. The binding constraint has shifted from geopolitics to logistics: producers are pumping faster than they can secure tankers to move the crude, a bottleneck that may temper but not reverse the recovery. Prices have settled at pre-war levels to match: Brent fell to around $72 a barrel, its lowest since February 27, and posted a weekly drop of more than 10% — its largest in a month — while WTI traded in the high-$60s. The war-risk premium that pushed Brent above $120 has been almost entirely erased. The reopening is not risk-free: the container ship Ever Lovely was struck by a projectile southeast of Oman, briefly lifting oil about 2%, and Trump accused Iran of firing drones at ships. But Trump confirmed the strait remains open and traffic has continued, and the spike quickly faded — a telling sign that the market now treats isolated incidents as noise around a normalizing trend. For drivers, the relief keeps broadening: AAA’s national average slipped to $3.867, with diesel holding below $5. The Gulf is reopening for business, and the oil is flowing back.
The strait is reopening in force. Persian Gulf exports are back to roughly 75% of pre-war levels as transits surge and vessels openly navigate Hormuz. Saudi Arabia began loading tankers at Ras Tanura, the UAE, Kuwait, and Qatar are boosting supply, and Iraq is seeking a higher OPEC quota — with the main constraint now a shortage of tankers, not the conflict. The war-risk premium is almost entirely gone.
Prices have settled at pre-war levels. Brent fell to around $72, its lowest since February 27, after an over-10% weekly drop — its largest in a month — while WTI traded in the high-$60s. The reopening is not risk-free: the container ship Ever Lovely was struck off Oman, briefly lifting oil ~2%, and Trump accused Iran of firing drones at ships. But Trump confirmed the strait stays open and the spike faded — the market now treats isolated incidents as noise around a normalizing trend.
For drivers, the relief keeps broadening. AAA’s national average slipped to $3.867, with diesel holding below $5. With pump prices lagging crude by one to two weeks, the recent collapse points to further easing into the summer. Continuing coverage: oil · gas by state · geopolitics.
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