Middle East oil exports have largely recovered to pre-war levels, according to new tanker-tracking data. At least 16.5 million barrels per day left the Gulf region in September, matching pre-war averages when Iran is excluded, trade intelligence firm Kpler says.

The recovery came through three workarounds. About 40 per cent of Gulf crude now bypasses the Strait of Hormuz through overland pipelines, up from 17 per cent before the war. Saudi Arabia restarted its East-West pipeline in late September after drone attacks, reopening the route to the Red Sea port of Yanbu.

Inside the strait, crude moves on a shuttle fleet of very large carriers with their satellite transponders switched off. Cargoes are transferred ship-to-ship off Oman or Fujairah. More than 70 per cent of crude crossing Hormuz in August changed tankers, Kpler says.

JPMorgan estimates Middle East crude exports averaged 17.5 million barrels a day over a 10-day stretch, about 98 per cent of pre-war levels.

Iran is the exception. Its exports are near zero since the US reimposed a naval blockade in July, and refined-product shipments still lag crude.