Economy

Middle East oil exports climb back to prewar levels

AI SUMMARY

Middle Eastern oil exports have returned to prewar levels as shipping companies utilize alternative routes to bypass conflict zones.

Shipments from Gulf oil producers excluding Iran averaged 24.6 million barrels a day in the week to October 18, exceeding the 23.3 million prewar average.
The seven-day average for exports reached its highest level since mid-February.
Shipments through the Strait of Hormuz remain more than a third lower than before the war.
Brent crude traded at $108.77 a barrel on Wednesday.
UK Maritime Trade Operations reported 28 attacks on shipping in the region in October, compared to 18 in September.
Two ships were targeted on Tuesday night, with one hit in the north of the Gulf near the Iraqi coast and the second struck off the Omani coast.
Crews on both targeted ships were reported safe.