Full fuel market recovery out of reach until 2027, despite Hormuz crude rebound

The average volume of crude oil shipments crossing the Strait of Hormuz reached 10.3 million barrels per day up to Saturday, The Wall Street Journal reports, citing data released by market intelligence firm Kpler.

This figure accounts for 76 percent of pre-war baseline flows. However, the report said that while unrefined crude oil is steadily moving through the waterway again, refined products like diesel and petrol remain severely depressed due to regional refinery outages from war-related strikes.

The report added that while the G7 recently agreed to release 100 million barrels of emergency stock, analysts warn that a full recovery for refined fuel markets could take well into 2027 as damaged refineries slowly resume operations.