Persian Gulf oil exports hit 72% of prewar levels

Key Points:

• Oil exports from the Persian Gulf have rebounded to 72% of pre-war levels, with crude flow through the Strait of Hormuz reaching nearly half of pre-war volumes, aided by US naval protection.
• US officials report that Iran is severely impacted by a naval blockade that has crippled its trade, causing shortages of supplies, food, and water, and leading to a historic plunge in the Iranian rial.
• President Trump is reportedly open to easing sanctions and releasing frozen assets in exchange for a concrete nuclear deal, but hardliners in Iran have rejected these conditions and threatened to end cooperation on the Nuclear Non-Proliferation Treaty.
• Despite no confirmed Iranian attacks in nearly a week, Iran’s Revolutionary Guard continues to issue threats in the Strait of Hormuz, while safe navigation remains risky, evidenced by recent injuries to US Marines from a missile strike.
• The Persian Gulf’s total oil exports in September reached about 13 million barrels per day, close to pre-war levels, supported by alternative routes such as ship-to-ship transfers in the Gulf of Oman and pipelines in the UAE that bypass the Strait.