Two US banks, JPMorgan Chase and Goldman Sachs, in separate estimates announced that the flow of crude oil exports from the Middle East has approached pre-war levels despite ongoing threats to shipping.

According to Bloomberg, JPMorgan analysts wrote in a note that “the Middle East oil export arteries are back flowing” and called it a “remarkable recovery for a region that is still at war,” although they added that the improvement has been uneven.

Based on the bank’s estimate, crude oil exports have reached 17.5 million barrels per day, which is 98% of pre-war levels. Exports of refined products such as diesel and gasoline are, however, three million barrels per day—equivalent to 58% of the previous level.

JPMorgan said that traffic through the Strait of Hormuz has returned to nearly the late Khordad peak, which is close to 13 million barrels per day, and that Saudi Arabia has been the main driver of this return.

Hashtags: ["VOA Persian"]