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Gulf oil exports drop 40 percent
Data show that Gulf countries' exports of crude oil and condensates remained relatively stable in July 2026, although they are still about 40% lower than pre-war levels. Renewed clashes in the region led to a slowdown in exports during the second half of the month, with the movement of oil tankers through the Strait of Hormuz and the Bab el-Mandeb Strait remaining significantly below pre-February 2026 levels, when the U.S.-Israeli war against Iran began. Nonetheless, the stabilization of exports has partly helped reduce concerns over larger disruptions to global oil supplies and has compensated for some of the storage declines.
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