PDB Afternoon Bulletin | October 22nd, 2026: Iran's Oil Strategy Backfires & Bukele Threatens Haiti's Gangs

Despite Iranian attacks on shipping, Gulf oil exports have exceeded pre-war levels while Iran's own export revenue has collapsed by at least $25 billion.

• Gulf exports rebound: Persian Gulf oil exports (excluding Iran) averaged over 24 million barrels/day in the week ending October 18th, above the ~23.3 million pre-war level.
• Bypass routes expand: Share of Gulf oil bypassing the Strait of Hormuz jumped from 17% pre-war to over 40% via Saudi and UAE pipelines and a US-protected tanker transfer network off Oman.

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