A surge in oil tankers crossing the Strait of Hormuz with tracking systems switched off is masking the scale of Persian Gulf supply recovery, with Goldman Sachs estimating actual exports at 15-16 million barrels per day (mb/d) against visible flows of only around 10 mb/d, even as tensions continue to disrupt one of the world’s key energy routes. Brent crude eased 75 cents, or 0.79%, to $94.77 a barrel by 1230 GMT, after its recent rise on renewed geopolitical and shipping risks.Goldman has raised its estimate of Persian Gulf oil flows by 5 mb/d in just two weeks, attributing much of the revision to untracked tanker traffic. Is Iran winning or losing the war ?
