Global Oil Prices Remain Elevated Despite Increased Hormuz Flows

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Global oil prices, including Brent and Dubai futures, remain elevated despite increased oil flows through the Strait of Hormuz due to Saudi Arabia's efforts, primarily because of a 4 million barrels per day shortfall in Gulf supply compared to pre-war levels, China's increased demand for non-Iranian crude, and Russia's export ban on diesel, all contributing to a global fuel crunch.