Baghdad: Gulf oil exports saw a significant rise in July, marking a notable increase in crude oil and condensate shipments from Gulf states. However, this upward trend faced challenges as fighting resumed in the region, impacting the flow through the crucial Strait of Hormuz.

According to National Iraqi News Agency, shipping data revealed that the Gulf states, including Saudi Arabia, the UAE, Iraq, Kuwait, and Iran, boosted their crude oil and condensate exports significantly in the first half of July. This surge elevated exports to their highest levels since before the Iran-Iraq War reignited tensions in late February. The data highlighted a 16 percent increase compared to the daily average for June, with exports reaching 12 million barrels per day in the first half of July.

In contrast, Vortexa's estimates placed the export figures even higher at 13.06 million barrels per day during the same period. Kpler reported that Saudi Arabia, Iran, and Iraq led the initial surge in exports, whereas Vortexa identified Iraq as having the most substantial monthly increase. Meanwhile, the UAE experienced a decline in exports from its record highs in June.

The increase in Gulf exports had a notable impact on oil prices, which declined as supply concerns eased following a temporary agreement reached between the United States and Iran in mid-June. This agreement aimed to reopen the Strait of Hormuz, the world's most vital oil and gas shipping route, and sought a broader resolution to end the ongoing conflict. Unfortunately, the agreement fell apart in early July due to disagreements over control of the strategic waterway.