Gulf Oil Exports Briefly Recovered to Pre-War Levels Before Latest Escalation

Crude oil and condensate exports from the Persian Gulf rose to pre-war levels in the first half of July, data from Kpler and Vortexa shows, as cited by Reuters, reaching between 12 and 13.6 million barrels daily. The recovery is unlikely to last, however, as traffic via the Strait of Hormuz once again slows to a trickle amid the renewed hostilities between the United States and Iran. Oil and condensate flows out of Saudi Arabia, the UAE, Iraq, Iran, and Kuwait rose by 16% from June over the firs