Covert oil flows from the Middle East are keeping the global prices in check, Bloomberg reports.

The trade of ferrying oil through the Strait of Hormuz undetected to transfer the barrels onto tankers in the Gulf of Oman is running at full tilt, despite recent attacks on vessels, people with knowledge of the shipments said.

Middle Eastern oil producers are pressing ahead with shuttling large volumes of crude out of the Persian Gulf, helping keep a lid on prices and assuaging fears of an energy-driven inflation spike, even as the Iran war drags on.