Vitol CEO Russell Hardy said that the Middle East has restructured oil trade through alternative transportation routes and transit operations, and the export volume of crude oil and refined oil products has recovered to about 14 million barrels per day. However, Hardy warned that the Western inventory buffer is almost exhausted, and once this transportation is interrupted, the price of oil may hit $200 per barrel. The crisis has moved from crude oil to refined oil products, and has now evolved into a shipping crisis: there are not enough available ships, and ships trying to cross the Strait of Hormuz are attacked almost every night.

Vitol CEO Russell Hardy said that the Middle East has restructured oil trade through alternative transportation routes and transit operations, and the export volume of crude oil and refined oil products has recovered to about 14 million barrels per day. However, Hardy warned that the Western inventory buffer is almost exhausted, and once this transportation is interrupted, the price of oil may hit $200 per barrel. The crisis has moved from crude oil to refined oil products, and now it has evolved into a shipping crisis: there are not enough available ships, and ships trying to cross the Strait of Hormuz are attacked almost every night.