Middle Eastern crude oil exports have significantly rebounded over the past six weeks, with total exports in September rising to 15.4 million barrels per day, close to 90% of pre-conflict levels, Reuters reported on October 19. However, soaring freight and insurance costs have squeezed Asian refiners' net profits to near zero, with freight consuming 82% of their gross profit. To sustain demand, Middle Eastern oil producers have been forced to offer crude oil discounts of up to $30 per barrel. Concurrently, Iranian attacks on tankers in the Strait of Hormuz have further escalated over the past two weeks, reaching the highest weekly record since the conflict began, indicating that freight cost pressures are unlikely to ease in the short term.