Iran's Hormuz leverage erodes as Gulf crude flows bypass strait

Persian Gulf crude exports have recovered to near prewar levels, but a growing share now moves via new routes and shipping arrangements that bypass the Strait of Hormuz, according to Kpler data. This suggests Iran's ability to disrupt global oil flows is diminishing, though the refinery bottleneck and the durability of these alternative routes remain uncertain. The shift could reduce the strategic premium on Hormuz and alter risk assessments for oil markets.