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Even with talk of peace, oil supply routes are still a mess. Ship traffic through the key Strait of Hormuz has dropped to less than 10% of normal because Iran is flexing its control in the area.
On top of that, Saudi oil production capacity was reduced by 600,000 barrels per day after attacks on infrastructure, and Iranian strikes in Saudi Arabia and the United Arab Emirates have kept everyone on edge, meaning freight costs stay high and market stability is still out of reach.