Crude Oil Shipments Surge to Near-Pre-War Levels Amid Ongoing Shipping Risks

A recent JPMorgan research report shows that Middle Eastern crude oil shipments have recovered to nearly pre-war levels, despite ongoing shipping risks in the Strait of Hormuz and Bab el-Mandeb.

The report states that on September 29, Middle Eastern crude oil export volumes had rebounded to 17.5 million barrels per day, equivalent to 98% of pre-war levels.

However, refined product shipments, including diesel and gasoline, have only recovered to 58% of their pre-war volume, while the combined volume of crude oil and refined products has reached 89% of 2025 levels.

This recovery in crude oil exports is attributed to increased traffic through the Strait of Hormuz, driven primarily by Saudi Arabia's shipments.