Oil Flows from Middle East Surge Near Pre-War Levels

Oil shipments from the Middle East have bounced back to near pre-war levels despite ongoing risks to shipping, according to estimates from JPMorgan Chase & Co. and Goldman Sachs Group.

The region's oil export arteries are flowing again, a remarkable recovery for an area still at war, according to JPMorgan analysts including Natasha Kaneva in their September 29 note.

Crude oil shipments have rebounded to 17.5 million barrels a day, or 98% of pre-war levels, while flows of products such as diesel and petrol were at 3 million barrels a day, or 58%, according to JPMorgan.

The global oil market is closely watching the volumes of oil and products coming out of the region as the conflict between the US and Iran enters its eighth month.