Gulf oil exports rise in June
Oil exports from the Gulf experienced a significant increase in June, rising by more than three million barrels per day compared to May, surpassing ten million barrels per day. This comes after the cessation of the war and the reopening of shipping routes through the Strait of Hormuz. However, exports remain about 40% below their levels before the outbreak of the US-Israeli conflict with Iran. This surge contributed to increased oil flow into global markets, leading to a drop in prices back to pre-conflict levels. Analysts anticipate that oil prices will continue to recover as stranded inventories diminish and shipping activities improve.
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