Oil exports surpass pre-war levels but Brent remains above $100 per barrel

Global oil supply from the Middle East recovered to pre-war levels on Tuesday, 6 October, yet Brent crude remains traded above $100 a barrel as regional conflict and logistics costs offset rising production. Provisional data from ship-tracking firm Kpler showed Middle East exports peaked between 19.5 million and 22.5 million barrels per day in the final week of September, despite ongoing hostilities between the United States and Iran. Global Fuel Prices Hit Record Highs The recovery in crude volume has failed to lower pump prices due to surging transport risks and secondary supply constraints. In the United Kingdom, government data released on Tuesday showed average diesel prices reached a record 199.52 pence ($2.62) per litre in the week ending 5 October. This surpassed the previous high set in July 2022. Similar pressure is evident in the United States, where AAA reports average diesel costs reached $6.53 per gallon in late September. US President Donald Trump signed an Executive Order late on Monday, 5 October, to provide immediate relief. The order allows the temporary highway use of tax-free "dyed" diesel and defers federal diesel taxes through the end of the year without interest or penalties. Dyed diesel, typically reserved for off-road use, is approximately 24 cents per gallon cheaper than standard clear diesel. Security Threats and Diplomatic Mediation Tensions remain high following attacks on Saudi Arabia’s Jazan and Najran airports. The Saudi General Authority of…