Middle East Oil Exports Plunge 39% Amid Hormuz Disruption

Oil exports from the Middle East fell sharply in August as the Strait of Hormuz remained effectively closed amid the ongoing conflict. Crude oil exports from the region dropped 39% compared with the pre-war period.

According to Al Jazeera, oil exports in August were 39% lower than the average recorded in January and February. Tanker tracking firm TankerTrackers said the region exported around 18.5 million barrels of crude per day during those two months.

The disruption has also pushed up global oil prices. Brent crude gained 7.6% over the past week, while US crude prices rose by nearly 10%. On Friday, Brent settled at $96.28 a barrel, while West Texas Intermediate (WTI) stood at $91.48.

Oil exports had fallen even more sharply in May, when the shortfall reached 67% compared with the pre-war period. By August, the daily shortfall had narrowed to around 7.2 million barrels.

The disruption in the Strait of Hormuz has created one of the biggest maritime transport crises in decades. The waterway remains a crucial route for global energy supplies, with the International Energy Agency describing its reopening as the most important factor for easing pressure on energy markets.

Meanwhile, rising fuel prices are adding to inflationary pressure and raising concerns about global economic growth. Analysts have warned that further escalation in the Middle East could push oil prices even higher.

City Group has raised its third-quarter Brent price forecast to $86 a barrel, while ANZ analysts have lifted their short-term forecast to $95.