Maintenance in progress

iran and the united states confirmed a memorandum of understanding ending the conflict, and the strait of hormuz reopened with 31 supertankers queued carrying approximately 62 million barrels. the oil supply surge is expected to reach india within one week and east asian refiners within three weeks, a volume large enough to swamp refinery capacity in the short term. this is structurally significant because the hormuz chokepoint controls roughly 20% of global oil flow, and the speed of the supply release rather than its volume is the unusual element.

gulf and energy trade reporting