Middle East oil exports rebound to pre-war levels despite shipping risks
Middle East oil exports, excluding those from Iran, have surpassed pre-war levels on several occasions last week, signaling a rebound in regional crude shipments despite ongoing risks in the Strait of Hormuz. According to shipping data from Kpler, exports exceeded the pre-war level of about 18 million barrels per day on four of the seven days in late September, as reported by Reuters.
The recovery is a notable shift from April, when oil flows through the Strait of Hormuz dropped to around 1 million barrels per day due to the U.S.-Israeli conflict with Iran. Prior to the war, the strait typically saw roughly 20 million barrels per day, according to Kpler data cited by AFP.
The rise in exports has started to ease pressure on global oil markets. Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel early Monday, while U.S. West Texas Intermediate crude dropped 95 cents, or 1.03%, to $90.12 a barrel, Reuters reported. The price decline was also influenced by plans from Group of Seven countries to release 100 million barrels of crude and fuel from emergency reserves.
Despite the recovery, the Strait of Hormuz remains vulnerable to disruptions following recent attacks on vessels in the strategic waterway. Concerns over further damage to Gulf energy infrastructure continue to support oil prices, even as exports show signs of stabilization.