The exports of unsanctioned crude via the Strait of Hormuz have edged higher in recent days, providing a slight reprieve for global markets grappling with the most severe supply disruption on record, Bloomberg analysis showed on Thursday.
Four supertankers carrying about 2 million barrels each, primarily of Iraqi origin, have transited the Hormuz since May 10.
The recent rate of about 2 million barrels per day remains a fraction of pre-war activity, when an average of 20 tankers of various sizes crossed the strategic waterway daily.
Market participants are closely monitoring flows via the Strait as a prolonged blockage has already removed an estimated 1 billion barrels from the global balance.
Though non-Iranian shipments have shown a marginal uptick, exports from the country have fallen steeply following the implementation of a US blockade.
Vessel tracking data shows that some vessels have recently crossed the Hormuz with satellite tracking systems turned off, suggesting the number of transits could rise once those ships reappear outside the region.
The strategic waterway has remained largely closed since the outbreak of the Middle East conflict in late February and has been subject to an ongoing US-Iran standoff.
Earlier in May, Iran outlined a revised procedure for ships seeking to transit the Hormuz, requiring engagement with the newly established Persian Gulf Strait Authority.
Simultaneously, the US has maintained restrictions on Iranian port access from the edge of the Gulf of Oman.
Of the four vessels that have recently departed with their tracking signals active, three loaded crude oil in Iraq, while the fourth carried cargoes from the UAE and Kuwait.
On Thursday, Iran said it is now permitting Chinese vessels to transit the Strait following discussions with China's Ministry of Foreign Affairs. Supertanker Yuan Hua Hu, which crossed the Hormuz on Wednesday, became the third Chinese Very Large Crude Carrier to pass through the waterway.