Iran's exports plummeted to approximately 1.3 million barrels per day (mb/d), well below the 2025 average of approximately 2.2 mb/d—a clear sign of recent disruption.

But the most interesting point is in the graph: a one-off spike in the latest data shows how volatile and dependent on geopolitical events the flow has become.

It's no longer just about supply and demand.

Very event-driven.