Unlike it’s neighbors, Iran has largely continued to transport barrels through Hormuz since the start of the war. Tehran exported about 1.7 million barrels a day of crude and condensate last month, according to preliminary tanker-tracking estimates compiled by Bloomberg, with China being the biggest buyer. In contrast, shipments of other Middle Eastern producers collapsed. At times over the past week, every ship that transited Hormuz had some sort of link to Iran, while other sanctioned ships have also crossed.