Oil exports through Strait of Hormuz return to pre-war levels — CNBC

Crude oil flows through the Strait of Hormuz have returned to levels seen before the war with Iran: the seven-day average as of Monday stood at 13.5 million barrels per day. CNBC reported this, citing data from tanker-tracking company Kpler.

Total crude oil shipments from the Middle East, including the Persian Gulf and the Red Sea, reached 19.5 million barrels per day. This exceeds the pre-war benchmark of about 17 million barrels per day, according to Kpler data.

Oil products remain in short supply

At the same time, the recovery is uneven. Shipments of oil products through the Strait of Hormuz amounted to 677,000 barrels per day, compared with 3.6 million barrels per day before the war. Natasha Kaneva, head of global commodities strategy at JPMorgan, said the crude oil market has largely normalized, but supplies of oil products remain constrained.

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According to CNBC, the supply shortage has contributed to record or near-record diesel prices in the United States. Francisco Blanch, head of global commodities at Bank of America, called the diesel market the biggest source of problems.

Tankers escorted by US military

Shipping security in the strait remains unstable: according to CNBC, Iran continues to fire on tankers, and some attacks are fatal. In August, more than 70% of the oil that crossed the strait was transferred from one tanker to another off the coast of the United Arab Emirates or Oman. This system is protected by the US military.

Saudi Arabia and the UAE are also using pipelines more actively: about 40% of Persian Gulf countries' oil now bypasses the Strait of Hormuz, compared with 17% before the war. At the same time, pipelines are also vulnerable to attacks: earlier this month, Saudi Arabia shut down its East-West pipeline after it was damaged in a drone strike launched from Iraq.