Middle East Oil Exports Rebound to Near Pre-War Levels Amid Ongoing Risks

Crude oil flows from the Middle East have recovered to nearly pre-war levels despite ongoing risks to shipping, according to JPMorgan Chase & Co.

The region's export arteries are flowing again, with shipments of crude oil rebounding to 17.5 million barrels a day, or 98% of pre-war levels, while flows of products such as diesel and gasoline were at 3 million barrels a day, or 58%, the analysts said.

Flows through the Strait of Hormuz have almost returned to late-June highs of nearly 13 million barrels a day, led primarily by Saudi Arabia. However, this increase should not be mistaken for improved safety, but rather reflects the industry's ability to operate under sustained risk, according to JPMorgan.