Hormuz Crisis Keeps Oil Markets Volatile Despite Rising Exports

2026, October 5

Iran / Saudi Arabia / Gulf states

Global energy markets remain highly volatile as Middle Eastern crude exports have recently recovered to levels above those seen before the Iran war. Data cited by Reuters show Gulf oil shipments reached a seven-day average of 18.3 million barrels per day during parts of September, but attacks on tankers and continuing security risks around the Strait of Hormuz threaten that recovery.

The G7 has pledged to boost supplies and release strategic stocks, helping limit the upward pressure on prices. Brent crude was around $102 a barrel on Monday, while the market remained extremely sensitive to developments in Iran, Yemen and the security of shipping routes. Hormuz remains critical because roughly one-fifth of global crude and LNG passes through the waterway.