Hormuz Exports Rebound Despite Iran's Blockade

Gulf oil exports have rebounded to pre-war levels despite Iran's blockade of the Strait of Hormuz, according to tracking platform Kpler. Non-Iranian crude flows through the strait averaged 13.5 million barrels per day between September 22 and 28.

The rebound is attributed to more vessels making the risky transit under US escort, as well as alternative routes operating at full capacity. Saudi Arabia is benefiting from the reactivation of its East-West pipeline, which links its main oil fields in the east to its Yanbu terminal on the Red Sea, allowing it to bypass Hormuz.

The United Arab Emirates are also able to bypass the strait thanks to their pipeline linking Abu Dhabi's fields to Fujairah, a terminal just outside the strait on the Gulf of Oman. However, experts warn that the situation is far from normal and Iran remains deprived of a large share of its own exports by a US counter-blockade of its ports.