Potential crude surplus widens Russian oil discounts to $4–$5 a barrel as supplies rise after ceasefire

Restoring shipping through the Strait of Hormuz is expected to take 51–63 days, with more than 400 tankers stuck in the Persian Gulf. Even after the ceasefire, bottlenecks in logistics, restarts of damaged facilities and insurance and security constraints are slowing crude deliveries. Over the same period, discounts on Russian crude widened to $4–$5 a barrel, while India’s June imports of Russian oil reached 2.85 million bpd, or 55% of total imports.