Gulf oil exports rebounded sharply in June, rising above 10 million barrels per day as shipping through the Strait of Hormuz recovered, with the United Arab Emirates leading the increase through record crude exports.

Combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran climbed by more than 3.5 million barrels per day from May to 10.07 million barrels per day, according to Kpler data. Vortexa estimated June exports at 10.2 million barrels per day, up from seven million barrels per day in May.

Despite the rebound, exports remained about 40 percent below the 16.5 million barrels per day recorded a year earlier.

The recovery followed the June 17 agreement between the United States and Iran to halt the conflict and restore shipping through the Strait of Hormuz, helping clear a backlog of crude stranded in the Gulf.

According to Kpler analyst Johannes Rauball, around 23 million barrels remained waiting to transit the waterway after floating storage peaked at 96 million barrels in late April.

The UAE posted record crude exports of between 3.7 million and 3.8 million barrels per day in June, according to Kpler, Vortexa and LSEG data, more than one million barrels per day above May levels. The additional shipments helped producers increase output and pushed oil prices back to pre-conflict levels.

Shipbroker BRS said 98 tankers crossed the Strait of Hormuz between June 22 and June 28, averaging 14 vessels a day, the highest level since the conflict began. The traffic included 47 loaded outbound tankers and 41 ballast vessels entering the Gulf, indicating growing confidence among shipowners to return to the region.

Saudi Arabia's crude exports increased by 768,000 barrels per day to 4.52 million barrels per day in June, according to Kpler.

-Malaysia Sun