Middle East Oil Exports Reach Pre-War Highs Despite Hormuz Tensions

Middle East oil exports, excluding Iran, have exceeded pre-war levels for the first time since the conflict began in February, according to data from maritime tracking firm Kpler. The weekly average of shipments rose above the pre-conflict average of 18 million barrels per day. Crude oil exports reached at least 16.5 million barrels daily in September, bypassing the Strait of Hormuz through alternative routes.

Saudi Arabia and the United Arab Emirates are leveraging pipelines to avoid the Hormuz blockade. Saudi Arabia's East, West pipeline, which links its main oil fields to the Yanbu terminal on the Red Sea, resumed operations on September 22 after being shut down due to strikes. The UAE's pipeline connects Abu Dhabi's fields to Fujairah, a terminal just outside the strait. Currently, 40% of oil exports bypass Hormuz, with most crude changing tankers offshore.

Despite the rebound, experts note the situation remains unstable. Iran continues to claim control over the Strait of Hormuz, and ships without authorization risk attacks. The US counterblockade on Iran's ports has also restricted the country's oil exports. As of Monday, Brent crude for December delivery fell 0.79% to $101.44 a barrel, while West Texas Intermediate for November delivery dropped 1.20% to $90.02.