Middle East oil exports exceed pre-war levels amid Strait of Hormuz tensions

Oil exports from Middle Eastern countries, excluding Iran, have exceeded pre-war levels for the first time since the conflict began in late February. Data from Kpler, a maritime traffic tracking firm, shows that weekly crude oil flows from Gulf nations and Iraq through the Strait of Hormuz surged past the pre-war average of 18 million barrels per day.

The increase comes despite ongoing attacks on tankers in the strait, a critical chokepoint for global oil shipments. Iran claims control over the strait and demands approval for ships passing through, threatening action against those that refuse. However, many tankers are now transiting the strait under U.S. naval protection.

Alternative routes are also operating at full capacity. Saudi Arabia has reactivated the East-West pipeline, which connects its eastern oil fields to the Red Sea port of Yanbu. The UAE, too, has a pipeline leading to Fujairah port, bypassing the Strait of Hormuz.

Oil prices fell on Monday amid the rising exports and G7 inventory drawdowns. Brent crude dropped 0.7% to $101.5 per barrel, while U.S. West Texas Intermediate crude fell 1.35% to $89.88 per barrel.