Oil Exports Recover, But Gulf Supplies Remain Below Pre-War Levels

Gulf oil exports have started to recover from months of disruption caused by the US-Israeli war with Iran. According to preliminary data from oil tracking firm Kpler, crude exports from the Middle East's main oil producers are expected to reach 12.8 million barrels per day (bpd) in September, the highest level since the war began in February.

Saudi Arabia and the United Arab Emirates have driven most of the increase, but the recovery is still far from complete. Regional exports remain around 6 million bpd below the 18.8 million bpd shipped in February before the war began.

The Strait of Hormuz remains a key factor in the oil market's volatility, with Brent crude trading above $100 a barrel. India and other Asian oil importers are closely watching the situation, as they rely heavily on Gulf crude.