Wall Street Journal: Persian Gulf oil exports have surpassed prewar levels, as an improvised shipping system under U.S. protection is helping tankers move oil through one of Iran’s fiercest waves of attacks in the Strait of Hormuz.
Middle East oil flows, including shipments through Hormuz and alternative routes across the region, averaged more than 24 million barrels a day in the week through Oct. 18, surpassing prewar levels of 23.3 million, according to ship tracker Kpler.
…Still, the resilience of oil flows marks a shift in the battle over the world’s most important energy chokepoint. Iran can still make shipments dangerous and expensive. But its ability to deter transits has faded, weakening Tehran’s leverage with the U.S…