Gulf oil exports exceeded pre-war levels as ships face threats

Key Points:

• Oil exports from the Persian Gulf exceeded pre-war levels for 14 days last month, averaging 18.3 million barrels per day, driven by Saudi Arabia's increased loading and pipeline use to ease pressure on the Strait of Hormuz.
• Recent escalations in attacks on tankers in the Strait of Hormuz and Gulf of Aden, with seven incidents reported in one week, highlight a growing and unpredictable threat attributed to Iranian forces targeting merchant vessels in designated "kill boxes."
• Saudi-backed Yemeni government forces claimed control over the Bab el-Mandeb Strait, a critical Red Sea oil route, from Iran-backed Houthi rebels, though the Houthis denied the claim amid ongoing fighting in Yemen.
• The conflict in Yemen, exacerbated by Iranian-backed Houthi advances, has intensified humanitarian crises, displacing approximately 184,000 people, while Yemeni President Rashad al-Alimi vowed to continue fighting the Houthi militia.
• In the United States, gasoline prices have risen to an average of $4.37 per gallon, marking a 33% increase compared to the previous year, reflecting broader energy market tensions linked to regional conflicts.