Middle Eastern Oil Exports Rebound Amid Ongoing Conflict

Crude oil exports from major Middle Eastern producers have recovered to 12.8 million barrels per day in September, their highest level since the Iran war began in February.

This rebound comes after a significant drop in exports due to the ongoing conflict. According to Kpler's estimates, oil exports through the Strait of Hormuz were set to reach around 7.4 million barrels per day in September.

Saudi Arabia redirected part of its export flows from the Red Sea port of Yanbu following damage to the East-West pipeline in attacks. As a result, Saudi oil exports are approaching 5.4 million barrels per day in September, compared with 2.446 million barrels per day in August.