Saudi Oil Exports Surge to Four-Month High

Saudi Arabia's crude oil exports reached their highest level in four months in July, according to data from the Joint Organizations Data Initiative (JODI). The kingdom exported approximately 4.125 million barrels per day, a 3.3% increase from June.

The rise in exports comes as regional tensions have moderated, allowing for increased shipments. However, UBS analyst Giovanni Staunovo warns that exports could be weaker in August, particularly from Red Sea terminals, due to renewed tensions involving the Houthis.