According to data compiled by trade intelligence firm Kpler, at least 16.5 million barrels per day (bpd) of crude left the Middle East in September, matching pre-war averages when Iran is excluded.
The figure represents a significant recovery from the monthly low of 10.5 million bpd recorded in March during the early weeks of the conflict.
The conflict began on February 28 following US and Israeli strikes on Iran, after which Tehran sought to exert greater control over the Strait of Hormuz and at times declared the strategic waterway closed.
However, oil exporters have increasingly adopted alternative measures to minimise the impact of disruptions.
About 40 per cent of the region’s crude is now transported without passing through the strait, compared with 17 per cent before the conflict, with Saudi Arabia and the United Arab Emirates making greater use of overland pipelines.
Saudi Arabia also resumed operations on its East-West pipeline in late September after repairs following drone attacks, allowing exports to restart from the Red Sea port of Yanbu.
For crude shipments still passing through the strait, operators have adopted additional measures to reduce exposure to disruption.
The majority of crude is reportedly transported by a shuttle fleet of very large crude carriers, with satellite transponders switched off.
Cargoes are subsequently transferred to other tankers in open waters off Oman or near Fujairah in the United Arab Emirates.
More than 70 per cent of crude passing through the strait in August changed vessels, compared with almost no ship-to-ship transfers involving Gulf crude before the conflict.
Despite the recovery in crude exports, refined petroleum products remain significantly constrained.
Kpler data showed that refined product shipments through the strait were below 20 per cent of pre-war levels, averaging about 677,000 bpd compared with 3.6 million bpd previously.
The disruption has contributed to higher fuel costs globally, with average UK retail diesel prices reaching a reported record of 199.18 pence per litre.
Shipping industry experts have warned that the ability of exporters to maintain operations does not necessarily eliminate longer-term security risks.
The continuing volatility was highlighted after three Liberian-flagged tankers were reportedly struck by projectiles while navigating the waterway.
Brent crude prices consequently remained elevated, reaching about $101 per barrel as traders weighed the recovery in crude supplies against continued geopolitical uncertainty.
Market concerns have also been heightened by reports that China has suspended exports of oil products beyond Hong Kong and Macau.
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