Middle East crude exports rebound to about 98% of prewar levels as prices fall despite fourth Hormuz tanker hit

Despite a fourth tanker strike in the Strait of Hormuz, Middle East crude export flows have recovered to ~98% of prewar levels, easing immediate supply-disruption fears. The market is repricing geopolitical risk premia lower, pressuring crude benchmarks even as security headlines persist. Near-term sensitivity should remain elevated to further incidents, but the flow data reduces the urgency of scarcity-driven pricing.