Middle East oil exports return to pre-war levels; prices stay high on escalation fears

Oil exports from the Middle East have recovered to pre-conflict levels, with US military escorts of over 3,000 ships through the Strait of Hormuz restoring flow. Despite this supply normalization, crude prices remain elevated, driven by market fears of renewed escalation between the US and Iran. The key uncertainty is whether the current calm is durable or a temporary lull before further disruption.

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