Kpler: Middle East Crude Exports Top Pre-Iran-War Levels in Late September

The signal here is less about volume than about resilience: flows through Hormuz are running above the pre-war baseline even with vessels being attacked, which suggests buyers and shippers have priced in a persistent risk premium rather than treating the strait as a chokepoint that can be closed. That matters most for Asian refiners dependent on Gulf barrels and for the insurance and freight markets that underwrite the route. Whether the higher export pace holds once the security incidents stop — or whether it reflects front-loading ahead of further disruption — is the open question.