Oil Exports in the Middle East are Soaring, but Prices Are Still Well Above $100. Here’s Why.

Oil is flowing out of the Persian Gulf at volumes that have sometimes exceeded prewar levels, yet prices remain above $100 a barrel and consumers have yet to see any kind of relief at the pump. Brent crude, the global benchmark, traded around $111 a barrel early Thursday. That puts prices near levels last reached in late April, when Gulf exports were roughly half their recent volume. Natasha Kaneva, head of JPMorgan’s global commodities strategy team, told The Wall Street Journal that she estimates Brent’s fair value at $94 a barrel, considerably below its current price. But eight months into…