Gulf Exports Roar Back To Pre-War Levels, Goldman Says; Blas Sees "Trump Has Advantage" On Hormuz

The US conflict with Iran has been ongoing for seven months and will soon enter its eighth month. Diplomatic signals this week, along with another request for a US SPR dump and reports of Gulf oil export flows improving toward prewar levels, have sent Brent crude futures down to around $103 a barrel.

Goldman analysts Yulia Zhestkova Grigsby, Alexandra Paulus and Daan Struyven have penned a new note explaining that estimated "dark exports" have helped boost Persian Gulf oil exports to 23.3 million barrels a day over the past week, back to prewar levels and an encouraging development ahead of the Northern Hemisphere winter.