UBS Survey: Hormuz Strait Daily Flow Exceeds 6 Million Barrels Over Past Week

A UBS report indicates that oil transit through the Strait of Hormuz remains slightly above 6 million barrels per day. Despite low visible tanker traffic, "dark fleet" shipments have risen to 5-6 million barrels per day, partially offsetting the shortfall in surface shipping. Meanwhile, crude loadings from other Gulf producers have recovered to 10.2 million barrels per day, partly countering the halt in Iranian exports. As US-Iran tensions shift toward economic sanctions, the oil market's focus turns to the extent of Iran's export contraction and the capacity for alternative supply.