JP Morgan, Goldman Diverge on Hormuz Oil Flow Estimates

Crude oil exports from the Middle East have recovered almost fully to pre-war levels, according to JP Morgan, which also said fuel exports were ramping up. The bank’s analysts saw September daily oil flows at an average of 17.

5 million barrels daily, or 98% of pre-war levels, with fuel exports at 3 million barrels daily, or 58% of pre-war daily average levels, Bloomberg reported, citing JP Morgan’s commodity analysts. “The Middle East’s oil export arteries are flowing again,” the team said in a note Thursday.