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Market move▼ Bearish for Indian equities
CNBC Daily Open: Crude flows back at prewar levels, but at what cost?
The brief
- Crude exports through the Strait of Hormuz returned to prewar levels
- Pump prices remain sharply higher, pressuring the global economy
- Elevated crude prices pressure Indian oil marketers and fuel-sensitive sectors
- Indian refiners hire tankers to load crude inside Persian Gulf and cross Hormuz
- Oil holds gains as Middle East supply risks persist despite recovering crude flows
- Crude oil exports through the Strait of Hormuz hit prewar levels, but fuel shipments remain constrained
- GE Shipping rides high freight rates, builds cash for the next cycle
- Middle East crude flows recover to 98% of pre-war levels despite shipping risks