Iran reveals terms to reopen Strait of Hormuz as US considers peace proposal

Recent preliminary data from Kpler reveals that 33.7 million barrels of crude oil traversed the Strait of Hormuz since the beginning of the week, maintaining export volumes similar to last week's levels. On Friday, Kpler's ship-tracking data indicated that a total of 49.2 million barrels of crude oil exited the strait over the previous week, with 19 tankers, including 17 Very Large Crude Carriers (VLCCs), making the journey.

Saudi crude was the predominant export, followed by Iraqi shipments. According to a US official, approximately 60 commercial vessels passed through the Strait of Hormuz on Wednesday, marking the highest daily volume of oil since early July. Saudi Aramco resumed exports through the strait after Red Sea port shipments from Yanbu were suspended due to attacks on the East-West pipeline earlier in the month.

However, Kpler's data for Thursday showed a decrease in vessel traffic to nine ships from 14 the previous day, though some vessels with transponders turned off are not included in these counts. Typically, the strait accommodates around 125 large commercial vessels daily, which contributes to about 20 percent of global daily crude oil and liquefied natural gas supplies.