Kuwait and Qatar, two of the smaller oil producers in the Persian Gulf, are shipping more crude through the Strait of Hormuz, adding to overall transport volumes and putting downward pressure on global prices. According to traders who requested anonymity, the two nations, which had a combined export capacity of two million barrels per day prior to the outbreak of the Iran war, have now restored their shipments to roughly 70% of pre-conflict levels.

Traders indicate that approximately seven to eight million barrels of crude are currently flowing through the Strait each day, a significant increase from the four million barrels per day seen in mid-July. This figure represents about three-quarters of the volume recorded before the war. Data from Vortexa on Monday showed that the seven-day average for crude flows through the waterway had reached nearly 10 million barrels per day.

Shipments from Qatar and Kuwait via the Strait have been underway since around June, with volumes steadily rising despite the ongoing threat of Iranian attacks. Kuwait reported to the United Nations shipping regulator that one of its supertankers was struck in early August while transiting the strategic chokepoint. In parallel, Qatar Energy has been selling crude this week through ship-to-ship transfers in the Gulf of Oman, located just outside the Strait.

Neither Kuwait Petroleum Corp nor Qatar Energy responded to requests for comment. Repeated calls to Kuwait's Ministry of Oil went unanswered.