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Transcontinental geopolitical region
The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referred to in Western Europe as the Near East, which was juxtaposed with the Far East. Unlike West Asia's adherence to continental boundaries, the Middle East is demarcated by following political borders and consequently includes East Thrace in Southeast Europe because it is a part of Turkey.
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Middle East oil exports rebounded in September as Tehran's grip on the Strait of Hormuz erodes, but markets have hardly celebrated a crude revival that could prove short-lived.
Middle East crude exports have rebounded toward pre-war levels despite continuing attacks on shipping, while refinery outages are keeping global diesel supplies tight.
JP Morgan says Middle East crude exports recovered to 98% of pre-war levels in September at 17.5 million bpd, with Hormuz flows back to late-June highs, though estimates from Goldman Sachs, the U.S. Treasury, and TotalEnergies diverge sharply.