Gulf oil exports rise 16% in July
Gulf oil exports saw substantial increases during the first half of July, reaching 12 million barrels per day—an increase of 16% over the June average—led by Saudi Arabia, Iran, and Iraq. This caused oil prices to decline by more than 4% due to decreased oil flows through the Strait of Hormuz amid escalating regional disputes. Despite the recovery, exports remain 32% below their peak in February, as US-Iran disagreements over strait management persist, along with rising tensions that could further threaten global supplies.
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