Global oil benchmark Brent crude has rallied this month but stayed below $100 a barrel despite recent escalation in the U.S.-Iran conflict that has disrupted Gulf exports from the Strait of Hormuz and the Red Sea.
Crude oil shipments from Middle East producers are at about 11 million barrels per day (bpd) now, from 18 million bpd before the Iran war began seven months ago, according to Argus.
