Hormuz Tensions Fail to Dent Crude Exports as Prices Fall

Oil shipments in the Middle East have recovered to almost pre-war levels, despite ongoing tensions and recent attacks on vessels passing through the Strait of Hormuz.

A tanker was struck by an unknown projectile on October 4, causing engine-room damage but no environmental impact. This is the fourth vessel hit in the latest series of incidents.

Despite these disruptions, Middle East crude exports have rebounded to around 17.5 million barrels per day, equivalent to roughly 98% of pre-war levels, according to JPMorgan estimates.

The stronger supply picture has pulled crude prices lower from recent highs, with Brent falling to around $102.59 per barrel earlier in the week.