Middle East Oil Flows Near Pre-War Levels Amid Ongoing Conflict
Crude oil shipments from the Middle East have largely recovered to pre-war levels despite ongoing risks to shipping, according to JPMorgan Chase & Co. Analysts at JPMorgan noted that the region's 'oil export arteries are flowing again,' although this recovery has been uneven. The analysts highlighted that shipments of crude oil have rebounded to 17.5 million barrels a day, which represents 98% of pre-war levels.
The overall figure for oil and products coming out of the Middle East is at 89% of 2025 levels, measured by the 10-day average over the past five days. This recovery is significant given the ongoing conflict between the US and Iran, which has raised concerns about disruptions to global oil supplies.
Saudi Arabia has also managed to restore about half the flows on its East-West pipeline after damage earlier this month to the cross-country conduit, which feeds its Red Sea ports. The analysts at JPMorgan emphasized that while the recovery is notable, it remains a remarkable achievement for a region still at war.