MIDDLE EAST CRUDE EXPORTS RECOVER TO PREWAR LEVELS

Middle East crude exports have rebounded to 98% of prewar levels, reaching roughly 17.5 million barrels per day, according to JPMorgan.

Producers are increasingly bypassing Hormuz through alternative pipelines, ports and ship-to-ship transfers, with 40% of September crude exports avoiding the strait.

However, the recovery remains uneven: diesel, gasoline and jet fuel exports are still around 50% of normal levels, keeping global fuel supplies vulnerable.