Key facts
- Oil flows through the Strait of Hormuz have recovered to about two-thirds of pre-conflict levels.
- Gulf region crude and oil product exports are estimated at 15-16 million barrels per day.
- U.S. forces claim full control of maritime traffic through the Strait of Hormuz.
- Iran is preparing conditions for reopening the Strait of Hormuz.
- Oil prices saw a slight decrease to below $83 per barrel.
Oil flows through the Strait of Hormuz have recovered to approximately two-thirds of pre-conflict levels, according to a note from Goldman Sachs analysts. Total crude and oil product exports from the Gulf region have risen to an estimated 15 million to 16 million barrels per day, though this remains 7 to 8 million barrels below pre-war levels. March flows through the Strait were between 5 million and 6 million barrels per day.
CENTCOM Commander Admiral Bradley Cooper stated that U.S. forces have secured full control of maritime traffic through the Strait of Hormuz, asserting that Iran has been completely excluded from its oil exports. U.S. forces have also cleared Iranian-laid mines, enabling commercial traffic to resume under American protection.
Meanwhile, Iran is reportedly preparing a list of conditions for reopening the Strait of Hormuz, with Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, indicating discussions about reopening the strait and gradually increasing traffic are planned. Oil prices saw a slight decrease to below $83 per barrel on Friday, despite President Donald Trump signaling no interest in a deal with Iran.
In cryptocurrency markets, Bitcoin has seen a rally, trading more than 1% higher in the past 24 hours around $79,900, with trading volume increasing by almost 30%. Investors are also anticipating Fed Chair Kevin Warsh’s speech at Jackson Hole, with current odds at 66% for the Fed holding rates in September. Goldman Sachs has expressed optimism about the crypto market for the latter half of 2026, citing SEC innovation exemptions, OCC national bank charters for crypto firms, and infrastructure services to TradFi as positive developments.