Oil Is Flowing Again. Relief at the Pump Will Take Longer.
Oil is moving through the Strait of Hormuz at roughly prewar levels again. The seven-day average reached 13.5 million barrels a day, offering a welcome break after months of disruption. But a recovery at sea does not mean immediate relief at your gas station. The damage from six months of interrupted supply will take longer to unwind. Countries need to refill depleted reserves. Damaged refineries and pipelines need repairs. And changes in crude prices take time to reach gasoline and diesel. Even if shipping stays normal, cheaper fuel could still be weeks away—and another escalation could reverse the recovery. The tankers are moving. The energy crisis is not over.
