Goldman: Hormuz oil flows capped at 70% after conflict

Goldman Sachs Bank expects oil flows through the Strait of Hormuz to decline to about 70% of pre-war levels, as regional producers rely on alternative routes to continue exporting oil. Although a temporary agreement has been signed between the United States and Iran to end the conflict, maritime traffic through the strait is not expected to return to its original levels quickly. This is amidst efforts by the UAE and Kuwait to reduce their dependence on the Strait of Hormuz by expanding ports and using alternative pipelines. Current flows through the strait amount to approximately 1.3 million barrels per day, with spare capacity available for oil transportation. Oil prices fell after rising due to tensions.

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