Middle East Oil Shipments Near Pre-War Levels Despite Hormuz Attacks

The key signal here is resilience, not disruption: escalating attacks on commercial shipping have not translated into a sustained collapse in Gulf export volumes. The convoy-and-transfer workaround is doing real work, but it adds operational friction and concentrates risk into fewer, larger transit windows, which is where a genuine interruption could originate. The open question is whether that workaround continues to absorb escalation, or whether the volatility and below-pre-war monthly average are early signs of a slower, cumulative erosion in flows.