Iran has managed to maintain elevated oil export levels this year so far — despite new sanctions and geopolitical tensions.
Shipping analytics firms offered a somewhat mixed assessment of Iranian crude oil exports in July, following a 12-day Israel-Iran military conflict in June that also saw the US bomb key nuclear sites in the Islamic republic, which raised fears of a regional war and disruption of global energy markets.
Iran’s crude output reached its highest level in 7½ years in late August, the managing director of NIOC said.
Several buyers and sellers of Mideast crude say they are monitoring and evaluating the fast-developing situation.
Brent and U.S. crude futures have already spiked, surging more than 40% so far this month to their highest levels since 2022.
Industry experts are examining possible scenarios, including one in which the price of oil doubles this year.
The Brent benchmark was poised for a 5.8% gain over the week.
One expert says that the continued closure of the Strait of Hormuz would be not recessionary, but depressionary.
