HORMUZ OIL FLOWS NEAR STANDSTILL, GOLDMAN SACHS SAYS Goldman Sachs says oil shipments through the Strait of Hormuz have nearly stopped. Based on vessel tracking, flows have fallen from about 19.5 million barrels per day to just 0.5 million barrels per day over the past few days. After accounting for pipelines redirecting some supply, the net disruption to Persian Gulf exports is estimated at about 17.2 million barrels per day. Tracking is difficult, but two independent vessel-count sources showed no oil tankers crossing the strait on March 12. Reuters reported that Iran did allow two India-flagged LPG carriers to pass, with one escorted by the Indian Navy. Goldman says flows could recover through three scenarios: Iran selectively allowing some tankers through (such as those linked to China or India), a broader de-escalation of the conflict, or stronger naval protection for shipping. However, the bank warns recovery could take longer than expected. So far, none of the reported tanker attacks have involved Asian-flagged ships, which is significant since Asian buyers account for the majority of Hormuz oil shipments.