The analysis company’s Commodities at Sea monitoring also recorded outbound oil and product flows averaging about 20.4 million barrels per day in February to date, slightly below January levels—evidence that geopolitical tension alone can slow shipments before any physical disruption occurs.
“Hormuz risk is not only about closure but also fleet productivity. If Iran escalates by seizing tankers or using drones to threaten commercial traffic, voyage times and possibly costs for Middle East oil exports…

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