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Iran Is Losing Some of Its Leverage Over the Strait of Hormuz

The flow of crude from the Persian Gulf has recovered to near-prewar levels, but the latest data shows that much of the oil is reaching markets through routes and shipping arrangements that did not exist before the war, raising the question of whether Iran is losing its leverage in the Strait of Hormuz. At least 16.5 million barrels per day of crude left the region between September 1 and 28, matching the prewar average when Iran is excluded, according to commodity analytics firm Kpler. But while crude levels have risen, the refinery bottleneck…