Iran losing grip on Hormuz; oil traffic at ~80% of pre-war levels

Gulf oil producers, with considerable support from the US Navy, are jamming crude through the Strait of Hormuz, right under Iran’s nose. Oil and petroleum product flows through the critical chokepoint averaged 13.1 million barrels per day last week, according to Kpler, a marine data tracking service.

That’s just under 80% of the 17.1 million barrels that had traveled through the strait each day before the war broke out. “Given such a strong volume passing through the strait, it is clear Iran is losing its influence over it,” said Matt Smith, director of commodity research at Kpler.

CNN takes a look what recent developments in the Strait mean for the war and check in on where talks between the US and Iran stand.

0:00 Oil through Strait of Hormuz near pre-war levels
4:34 Goldman on what it means for the markets
6:47 Update on US-Iran talks

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Source: CNN (video)