Oil flows out of the Gulf have increased substantially, easing the huge supply disruption caused by the United States/Israel war on Iran. Crude exports from the Gulf averaged 24.6 million barrels per day (bpd) in the week to October 18, exceeding the pre-war average, according to market intelligence firm Kpler. Brent crude, the global benchmark, is trading at its highest prices since April, up more than 60 percent compared with before the war. On Friday, Brent crude front-month futures – contracts for oil deliveries in December – rose more than 2 percent to briefly top $117 a barrel.
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