Gulf oil exports jump in June on record UAE flows

Gulf oil exports rose by 3.0M+ bpd in June to over 10M bpd, helped by U.S. military support keeping flows through the Strait of Hormuz open. However, exports are still ~40% below pre-war levels, leaving supply tightness and geopolitical risk intact. The net effect is a near-term relief to supply but not a full normalization versus the baseline.

Analysis

Gulf oil exports rose by 3.0M+ bpd in June to over 10M bpd, helped by U.S. military support keeping flows through the Strait of Hormuz open. However, exports are still ~40% below pre-war levels, leaving supply tightness and geopolitical risk intact. The net effect is a near-term relief to supply but not a full normalization versus the baseline.