🇮🇷🇺🇸 Oil flow through Hormuz has dropped by as much as a third in two weeks as Iran hits ships nearly twice a day
Transits through the strait peaked at just over 17 million barrels a day in late September, and oil analyst Rory Johnston's tracking has them back down to somewhere between 11 and 14 million after 26 confirmed attacks since September 30.
The strikes moved from the Gulf into the strait itself, the hardest pace of the war, yet traffic is still running near its wartime high because the math still works:
"If you're making 20, $30 a barrel on shipping through the strait, you can lose a ship and you can still make money."
The US blockade is biting too, with Iranian output under 2 million barrels a day for the first time since 2020, so both sides are bleeding and both still think they're winning, which is exactly how wars of attrition run past the point anyone planned for.
@Rory_Johnston