Hormuz oil and LNG flows recover via new routes as Iran's leverage slips

· Oil & Gas · Iran

Crude flow from the Persian Gulf has recovered to near pre-war levels, but much of the oil now reaches markets through routes and shipping arrangements that did not exist before the war, raising the question of whether Iran is losing leverage over the Strait of Hormuz. LNG cargoes through Hormuz reached 21 in September, the highest monthly number since the Iran war began but still well below pre-war levels.

Why it matters：The strait is the key chokepoint for Gulf crude and LNG, so changes in routing and in Iranian leverage feed straight into freight, insurance and Asian import costs.

Key points

  • Crude flows from the Persian Gulf are back near pre-war levels, but through newly established routes and shipping arrangements.
  • Reuters shipping data and Kpler both put September LNG departures from Hormuz at 21 cargoes.
  • That remains well below pre-war levels.

Sources (original reporting)

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