Fuel / NEWS UPDATE
Oil Prices Rise Despite Middle East Export Recovery
Published · 1 min read
Despite recovering oil flows in the Persian Gulf and the Red Sea, oil prices have risen, indicating that barrel numbers alone do not assure market stability.
According to Kpler, October oil exports from the Middle East are higher than pre-war levels, but tanker attacks in the Strait of Hormuz have caused a significant drop in oil crossing the strait. The number of tanker attacks has surged, and the supply of shadow fleet tankers is limited, pushing freight rates to record highs. While there is hope for lower heating demand this winter, oil prices are expected to remain elevated until at least the end of the year due to ongoing risks and adaptations in energy security.