Even as oil tankers have resumed their passage through the Strait of Hormuz, the global oil market remains unsettled. The strait is a critical artery for global energy trade, handling nearly a fifth of the world's oil exports daily. Its narrow, choke-point geography makes it a key vulnerability in the global supply chain, and the threat of a blockade continues to influence oil prices. As long as no viable alternative route can fully replace the strait, any instability in the region has the potential to ripple through global markets. Gulf oil exports have recovered to 85 to 95% of their pre-war levels, yet the price of a barrel has not returned to previous levels, noted Ronald de Zoete, a specialist on BNR in late September 2026. Following a brief war between the United States and Iran in the spring of 2026, tankers had largely avoided the most monitored passage on the planet. The Strait of Hormuz allows nearly 20 million barrels of oil to pass through each day, a critical flow that is difficult to replace with other routes. Since the ceasefire in April 2026, traffic has gradually resumed, to the point that cargo now circulates almost normally. This recovery has been aided by alternative routes used during the crisis, which helped absorb some of the blocked volumes. However, these routes have not eliminated the region's dependence on the strait. The price of a barrel, which had reached nearly $118 by the end of March 2026, has since declined but not enough to return to its February levels. The strait is a crucial, narrow waterway, only a few dozen kilometers wide, with navigation corridors of about 3 kilometers each. Nearly 20 million barrels of oil pass through daily, much of it destined for Asia. Two major oil pipelines attempt to offer alternatives: one runs from Saudi Arabia to Yanbu on the Red Sea, and the other connects Emirati oil fields to the port of Fujairah on the Gulf of Oman, outside the strait. However, these pipelines together divert only a fraction of the oil that normally passes through Hormuz. Building new pipelines takes years, and loading terminals remain concentrated in the region. Oil prices remain firm not only because of the physical flow of oil but also due to the perceived risk of future disruptions. As long as the threat of a new blockade looms over Hormuz, buyers pay a risk premium, adding a security margin to the price. This fear supports prices even when tankers resume their passage. Traders also anticipate future market conditions, and their bets on the future immediately affect daily prices. Analysts will continue to watch the development of bypass pipelines, as their capacity will influence the price of fuel in the years to come. The circulation of oil tankers has partially resumed in the Strait of Hormuz, and the Arabian Peninsula has reorganized its oil flows through the Saudi East-West pipeline or the pipeline to Fujairah, on the Gulf of Oman. However, tensions persist regarding refined products. While G7 members have agreed to release 100 million barrels from their strategic reserves, China has begun purchasing oil again to rebuild its stocks.