Outside Iran, oil sales are widespread, and ship-to-ship transfers in the Gulf of Oman have surged.

(1) The market is generally selling crude oil, with Iran as an exception. (2) Ship-to-ship transfers through the Gulf of Oman have increased by about 10 times compared to levels in February. (3) Producers load oil onto vessels, which traverse the Strait of Hormuz via alternative routes secured by the US military near the Oman coast, then transfer the oil to larger ships for transportation to final buyers. (4) From a market perspective, alternative routes and ship-to-ship transfers have amplified the actual volume passing through, but costs and insurance premiums have risen. It will be important to monitor whether the security and scale of these alternative routes and transfers can be sustained.