Volume of crude oil and condensate transported through the Hormuz Strait, by origin and destination

source: [https://www.eia.gov/todayinenergy/detail.php?id=65504](https://www.eia.gov/todayinenergy/detail.php?id=65504)

My trumper co workers promised me gas would be under 2 dollars a gallon by now…

China and India making up half the transported amounts seem pretty good for negotiations

China previously struck with the Houthis an agreement for them to not strike Chinese ships

[https://www.seatrade-maritime.com/security/houthis-guaranteed-safe-passage-to-russian-and-chinese-ships](https://www.seatrade-maritime.com/security/houthis-guaranteed-safe-passage-to-russian-and-chinese-ships)

i expect India to be able to do the same

its not similar to the Red Sea Crisis, because there, ships could re-rout to the Cape of Good Hope, pay higher shipping costs but avoid risks

much of the decline in traffic in the Red Sea is companies calculating that its cheaper to avoid it

But here , shipping companies have no choice but to go through, even if missiles start being lobbed ,like during the tanker war

so overall oil traffic will decline somewhat, but vast majority, if not over 90%, will flow as usual

plus, Saudi Arabia and UAE can redirect some oil flows through already existing pipelines so as to avoid the Persian Gulf altogether

still, i expect oil prices to skyrocket tomorrow, but negotiations are likely