Middle East oil exports bounce back despite Hormuz attacks

Middle East crude oil exports, excluding Iran, have rebounded to levels seen before the Iran war, despite ongoing attacks in the Strait of Hormuz. According to shipping data from trade intelligence firm Kpler, exports surpassed the pre-war average of about 18 million barrels per day (bpd) on four days in late September, peaking at 19.5 million to 22.5 million bpd.

The recovery was driven by alternative routes and ship-to-ship transfers. In September, roughly 40% of crude oil left the Gulf without passing through the Strait of Hormuz, up from just 17% before the conflict. Kpler reported that over 70% of the crude changed tankers offshore in the Gulf of Oman in August, a practice rarely seen prior to the war. Additionally, Saudi Arabia increased exports through the Red Sea, while the UAE utilized its pipeline to Fujairah.

Saudi Arabia, the United Arab Emirates, and Iraq were the primary exporters in the region. Iran, however, remains an exception, with its exports still below pre-war averages due to US policies.

Attacks on vessels around Hormuz have continued, with at least seven incidents reported in recent weeks. On October 1, the tanker Kazimah III was struck by an unknown projectile, according to maritime intelligence firm Marisks. All crew members were evacuated safely.