Commodity intelligence firm Kpler reports that oil flows out of the Arabian Gulf have rebounded so well that they now exceed levels seen before the start of the U.S.-Israel-Iran war. By Kpler's count, the GCC states are now moving about 24 million barrels per day out of the region, including volumes transported by overland pipeline.
The resurgence can be attributed in large part to the U.S.-protected shipping lane through the southern side of the Strait of Hormuz, which is now moving about 14 million barrels per day of crude oil, despite the constant risk of Iranian attack. The hazard level is high, but day rates are as well, and strong earnings have attracted a growing number of tankers in the market despite regular drone and missile strikes. A "Hormuz Shuttle Service" of short-haul tankers provides the backbone, carrying Gulf crude to Fujairah for transfer to other vessels, but there are others as well; TankerTrackers.com counts several hundred ships engaged in various aspects of the trade.
