Why Is Oil Falling If the Strait of Hormuz Is Still Closed?
Because more oil is getting out than the headlines suggest. Kpler data shows Hormuz crude flows back above pre-war levels, about 40% of Gulf crude now bypasses the strait, and Saudi Aramco just cut its Asia price to a six-year-low discount. Brent slid toward $100 on October 5 even with Iran saying the strait stays shut.
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