Geopolitical Risk
Shipping data indicated a strong month-on-month recovery in Gulf crude and condensate exports during July. The improvement was supported by higher flows from Saudi Arabia, Iran and Iraq after a temporary easing of restrictions around the Strait of Hormuz.nnThe recovery remained fragile. Renewed hostilities subsequently slowed vessel traffic and encouraged further rerouting through Red Sea export infrastructure. For buyers and sellers, the key commercial implication is that headline export capacity does not necessarily translate into reliable laycan performance or predictable freight costs.
Source: Reuters
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