Persian Gulf oil exports recover in June, but remain 40% below pre-war levels

Ships are seen in the Strait of Hormuz, in Musandam, Oman, on June 16, 2026
Reuters
Oil exports in the Persian Gulf increased by more than 3 million barrels per day in June compared to May, surpassing the 10 million barrels per day mark, according to global cargo analysis companies. International sales of the commodity, however, are still 40% below pre-conflict levels.
The United Arab Emirates led the recovery in exports, allowing millions of barrels of crude oil that were stranded in the Gulf to reach international markets. This enabled producers to increase supply and contribute to the fall in commodity prices to levels observed before the conflict in the Middle East.
The Strait of Hormuz is a maritime passage that connects the Persian Gulf to the Indian Ocean. Around 20% of the oil traded globally passes through the route.
According to Kpler, combined exports of crude oil and condensate from Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Iran grew by more than 3.5 million barrels per day compared to May, reaching 10.07 million barrels per day.
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Vortexa, another company specializing in cargo analysis, estimated June shipments at 10.2 million barrels per day - above the 7 million recorded in May, but still well below the 16.5 million barrels per day observed a year earlier.
The improvement in oil sales is a direct reflection of the preliminary agreement signed between the United States and Iran on June 17. The treaty helped to stop the conflict and reestablish navigation through the Strait of Hormuz.
According to Johannes Rauball, an analyst at Kpler, there are still around 23 million barrels left to transit through the strait. He added that oil temporarily stored on ships in the region peaked at 96 million barrels in late April.
UAE leads export recovery
Data from Kpler, Vortexa and LSEG shows UAE exports hit a record 3.7 million to 3.8 million barrels per day in June - more than 1 million barrels above the volume recorded in May.
According to the transportation services and analytics company maritime BRS, 98 tankers crossed the Strait of Hormuz between June 22 and 28 - around 14 per day, the highest number since the start of the conflict.
The volume included 47 loaded tankers leaving the Gulf and 41 empty vessels entering the region, signaling greater willingness by shipping companies to operate in the area.
Saudi Arabia's crude oil exports increased by 768,000 barrels per day in June, reaching 4.52 million barrels per day, according to Kpler. Last week, shipments reached an average of 6.3 million barrels per day, close to January, driven by the increase in loading at the Ras Tanura terminal.
During the conflict, Saudi Arabia and the United Arab Emirates diverted part of exports through pipelines that bypass the Strait of Hormuz, an alternative that is practically unavailable to Iraq and Kuwait. Emirati state-owned ADNOC has also resorted to tanker transport to help maintain shipments.
Exports from Iraq and Kuwait have recovered to around 800,000 barrels per day each, according to Vortexa.
Kuwait significantly increased its production in June to 1.65 million barrels per day, according to a source interviewed by Reuters. Iran increased its exports by more than 70%, to 640 thousand barrels per day, benefiting from the relaxation of restrictions imposed by the United States, reported Vortexa.

Source: G1