Gulf oil exports exceed prewar levels despite tanker attacks

Kpler data shows Middle East oil shipments, including via the Strait of Hormuz, averaged over 24 million bpd last week, surpassing the prewar baseline of 23.3 million bpd. This indicates that despite escalating tanker attacks, supply routes remain resilient, likely due to rerouting and increased output. The market implication is that supply fears may be overblown, but the risk of disruption persists.