Iran just got handed a defeat in Hormuz: Crude exports are back to prewar levels even after Tehran repeatedly declared it closed(Ha,Ha,Ha!)

Is the Strait of Hormuz, one of the world’s most important chokepoints, returning to normal? Crude oil exports through the strait have returned to prewar levels, according to CNBC-cited data. Seven-day averages, as of last Monday, were 13.5 million barrels per day through the strait, roughly matching the prewar crude baseline. More notably, total crude exports from the Middle East region, including the Persian Gulf and Red Sea, reached 19.5 million bpd—above the prewar baseline of roughly 17 million bpd. The uptick in exports has occurred despite tumultuous circumstances, i.e., Iran repeatedly declaring Hormuz closed, US naval blockades, and the...