Oil Market Reaches Balance as US Secures Control of Strait

The global oil market has reached a balance in September, according to Goldman Sachs. The firm estimates that the Persian Gulf exports reached 23.3 million barrels per day the week prior.

Saudi Arabia's oil production more than doubled in September, rising above its 2025 average, while Iranian oil exports are down more than 80 percent.

The U.S. Navy has effectively secured control of the Strait of Hormuz, with oil tanker traffic reaching a seven-day average of 13.5 million barrels per day, levels not seen since before the March 1 attack by the U.S. and Israel on Iran.