Crude Prices Soar as Gulf Oil Exports Inch Back

Gulf oil exports are slowly recovering after months of disruption caused by the US-Israeli war with Iran. According to preliminary data from Kpler, crude exports from the Middle East's main oil producers are expected to reach 12.8 million barrels per day in September.

This is the highest level since the war began in February, but regional exports remain around 6 million bpd below the 18.8 million bpd shipped before the conflict started.

Saudi Arabia and the United Arab Emirates have driven most of the increase in exports. Saudi Arabia's oil shipments are expected to reach around 5.4 million bpd in September, more than twice the 2.446 million bpd it shipped in August.