Mumbai, Oct. 14 -- International Energy Agency or IEA has stated in its latest monthly update that a recovery in Middle East oil supply was well underway in September, with Gulf crude oil exports approaching pre-war levels. However, the recent escalation in attacks on regional energy infrastructure and tanker traffic is threatening to derail further gains. At the same time, record tanker rates raised crude delivery costs and eroded refinery margins. Brent crude futures have risen by 13% since the start of September to around $107/bbl. Physical markers have increased much more, with North Sea Dated up by 43% to $134/bbl and other North Sea grades trading up to $160/bbl.
Crude oil exports from Gulf producers, led by Saudi Arabia, surged by 4...