JPMorgan Chase reported on September 29 that with the resumption of operations of the Saudi East-West Pipeline, the 10-day average of Middle East oil exports has recovered to 20.5 million barrels per day, equivalent to 89% of pre-2025 war levels, indicating that the crude oil market has largely normalized. Specifically, crude oil flow has recovered to 98%, but refined product exports have only recovered to 58%, with a significant gap remaining. The report also noted that India's crude oil imports from the Middle East rose to 2.8 million barrels per day in September, confirming a rebound in demand. Transit volume through the Strait of Hormuz is near recent highs, but high freight rates reflect that the market is still pricing in security risks.