Gulf Oil Exports Rise in July
Gulf countries experienced an increase in crude oil and condensate exports during the first half of July, reaching approximately 12 million barrels per day, the highest level since the onset of the war with Iran in late February. This rise led to a decline in oil prices and reduced fears about supply disruptions, although exports are still 32% below their peak before the war, which was 17.6 million barrels per day. As fighting intensifies, the flow through the Strait of Hormuz has begun to slow, with the number of tankers passing through dropping to its lowest point since May, threatening global oil supplies. Iran has warned that it would disrupt navigation if energy infrastructure in the country is targeted, further increasing risks to the global oil market.
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