Middle East oil exports exceed pre-war rates
Oil exports from Middle Eastern countries, excluding Iran, rose to pre-war levels last week, despite attacks on tankers in the Strait of Hormuz. Weekly oil flows from the Gulf region and Iraq through the strait exceeded 18 million barrels per day for the first time since the outbreak of Iran's war in February, thanks to alternative routes such as the East-West pipeline in Saudi Arabia and the Fujairah terminal in the UAE. Despite this increase, oil prices declined, with Brent crude dropping to $101.5 and West Texas Intermediate futures falling to $89.88, amid rising exports and calls to release oil reserves.
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