Hormuz oil flows recover as Gulf exports rise
Gulf crude exports recovered as Hormuz flows reached 12 million barrels per day, about 80% of pre-war levels. OI Charts data showed short covering in ONGC but short build-up in Reliance ahead of the 27 Oct expiry.
pre-market1 source ↓machine-written, see hownot a recommendation
- ONGC close
- ₹221.27
- On the day
- +0.67%
- Futures OI, short covering
- -1.9%
- Put-call ratio
- 0.48
- Max pain
- ₹225.00
Saudi Arabia and the UAE increased crude oil exports as shipments through the Strait of Hormuz recovered, with both producers seeking to regain market share lost during the Iran war. Kpler data cited by Reuters showed Hormuz flows averaging 12 million barrels per day over the two weeks before the 8 Oct 2026 report, equal to around 80% of pre-war levels.
Middle Eastern crude exports exceeded the pre-war average of 18 million barrels per day for much of the week ended 3 Oct, including cargoes sent through alternative routes. UAE crude exports averaged 3.3 million barrels per day since June, broadly matching pre-war levels, while total production averaged about 4.2 million barrels per day against a pre-war average of 3.9 million barrels per day. Saudi Arabia initially redirected large volumes to Yanbu on the Red Sea as operators adjusted to disruption around the key shipping route. ⚓
The recovery restores supply availability for refiners and reduces the immediate logistics pressure created by the conflict. For oil-sensitive Indian equities, the effect is mixed: higher crude availability can ease concerns over supply disruption, while stronger output from Gulf producers can weigh on crude prices if additional barrels outpace demand. That distinction matters for upstream producers and refiners in different ways. ⚡
OI Charts data as of 9 Oct showed ONGC at ₹221.27, up 0.7% on the day but down 5.5% over 20 sessions. Its futures open interest fell 1.9%, indicating short covering, while the ₹225 call held the largest call open interest and the ₹220 put the largest put open interest. The ₹225 max-pain level is the near-term options reference, with expiry on 27 Oct.
Reliance closed at ₹1,170, down 0.7% on 9 Oct and 8.5% over 20 sessions. Futures open interest rose 1.5%, showing short build-up, while the largest call open interest was at ₹1,250 and the largest put open interest at ₹1,160. Its ₹1,210 max-pain level and the 27 Oct expiry are the next derivatives markers. Hormuz flows at 80% and further export data will decide whether supply concerns continue to ease or return.
Source: Egypt Oil & Gas, 11 Oct 2026
Not investment advice. For informational purposes only.