Brent crude falls below $90, as alternative routes bypass Hormuz closure

Initial estimates predicted a loss of 12 to 15 million barrels of oil per day following the Strait of Hormuz closure.

Brent crude prices spiked toward $120 per barrel as analysts warned of the largest energy crisis in history.

Some forecasts predicted prices could reach $200 per barrel.

Shipping data from Kpler reveals the actual supply shortfall is significantly smaller than early estimates.

Gulf states exported approximately 1.9 million barrels of non-Iranian crude per day through alternative logistics.

Saudi Arabia utilized its Red Sea pipeline to maintain supply.

Other regional producers bypassed the closure using tankers with satellite trackers disabled.

Brent crude prices recently fell below $90 per barrel following this reassessment.