Brent Crude Reaches $103 as Hormuz Oil Flows Recover

Brent crude prices held above $103 per barrel on Wednesday as oil shipments through the Strait of Hormuz showed signs of recovery, despite ongoing tensions in the region.

According to Kpler data, crude and refined-product volumes passing through Hormuz last week averaged around 13.1 million barrels per day, close to 80% of the approximately 17.1 million bpd that traversed the chokepoint before the war.

Saudi Arabia has been a key player in this recovery, with its crude exports rising to about 5.4 million bpd in September, over twice the 2.446 million bpd logged in August.

The rebound in shipments has shielded the oil market from an even bigger shock, but it has carried substantial logistical and military costs.