00:00The reopening of the Strait of Hermuz is quickly flooding oil markets with supply as ships that had been blocked
00:06for months regain access to global markets.
00:09Among the first to be seen moving are Saudi-operated supertankers and LNG vessels linked to Qatar that are also
00:16making their way back in transit.
00:19A Singapore-flagged freight vessel was attacked by an unidentified projectile while crossing, underscoring the dangers still remaining.
00:28Although it seems unlikely to completely alter the direction of travel.
00:32But this limited flow, combined with the prospect of more to come, has already pushed oil prices lower.
00:38Brent crude has now erased all of its wartime gains.
00:42Washington is also helping more barrels to reach global markets, with the U.S. issuing a 60-day waiver for
00:49Iranian crude, pushing those exports to the highest level since the war began.
00:53Several tankers carrying millions of barrels of oil have already moved out of the waterway.
00:59The catch is that much of this movement in the Gulf comes from barrels loaded before the war, so the
01:05immediate boost is temporary.
01:07Re-establishing pre-war levels of supply will take longer.
01:11The U.S. and Iran have given mixed signals.
01:14Tehran suggests tolls on ships going through Hermuz will eventually have to be imposed, while the U.S. opposes this.
01:22A return to pre-war flows may still be months away.
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