Oil Price Bounces Back Above $90 as Middle East Flows Rebound

The oil price has bounced back strongly to above $90 despite energy flows through the Middle East region returning to pre-war levels.

Data from Kpler shows that crude oil shipments from the Middle East have surpassed prewar levels, reaching a seven-day average of 19.5 million barrels per day as of Monday, surpassing a baseline of about 17 million bpd.

Matt Smith, director of commodity research at Kpler, notes that Iran is losing its dominance over the Strait of Hormuz, which has resulted in a significant supply of energy through the passage.