Middle East crude exports hit highest level since Iran war began

Middle Eastern crude exports rose to 12.8 million barrels per day in September, their highest level since the U.S.-Israeli war with Iran began in February, as shipments from Saudi Arabia and the United Arab Emirates increased and traffic through the Strait of Hormuz recovered. Hormuz exports were expected to reach about 7.4 million barrels per day, with Saudi Arabia shifting some shipments from the Red Sea port of Yanbu after attacks damaged its East-West pipeline. Saudi exports were projected at 5.4 million barrels per day, up sharply from August, while Ras Tanura loadings also climbed. Despite the rebound, regional exports remained about 6 million barrels per day below February’s pre-war level; estimates may also omit vessels that crossed the strait with tracking transponders switched off.