Crude oil flows from the Middle East are returning toward pre-war levels despite continued risks to shipping, according to separate estimates from JPMorgan Chase & Co. and Goldman Sachs Group Inc.

When governments talk about reducing dependence on the Strait of Hormuz, the discussion usually turns to pipelines in Saudi Arabia and the United Arab Emirates. For Asian importers, that is only part of the story. The physical bottleneck is in the Persian Gulf, but much of the economic exposure sits thousands of kilometers to the […]

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