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A quarter of the large oil tankers affected by the Iran conflict have successfully navigated out of the strait.
According to shipping data compiled by Bloomberg, after the conflict erupted on February 28 and the Strait of Hormuz was effectively closed, a total of 109 large vessels (with a capacity of 700k barrels or more) were stranded; now, 29 of them have successfully crossed this strategic chokepoint.
Although these released cargoes account for only a tiny portion of the total crude oil and refined products still stranded in the Gulf, in the context of record-breaking global market inventory buffers shrinking rapidly, these cargoes were quickly bought up by the market once released.
Furthermore, since many ships turned off their position broadcasting devices to avoid risks, the actual number of ships that successfully evacuated is likely higher than the above statistics. (Jin10) (Source: ODAILY)