Middle East crude exports recover to near prewar levels

Middle East crude exports have rebounded to 98% of prewar levels, reaching roughly 17.5 million barrels per day, according to JPMorgan. Goldman Sachs estimates Persian Gulf exports at 19 million b/d. Producers are bypassing Hormuz via alternative routes, with 40% of September crude exports avoiding the strait. However, refined fuel exports remain at about 50% of normal levels.