According to CoinMeta, Goldman Sachs Group stated that oil exports from the Persian Gulf have recovered to about two-thirds of pre-war levels. Driven by increased traffic through the Strait of Hormuz, the total exports of crude oil and petroleum products in the region have risen to 15 to 16 million barrels per day, which is still 7 to 8 million barrels lower than the level before the conflict, but significantly higher than the low of 5 to 6 million barrels per day in March. The volume of oil transported solely through the Strait of Hormuz may be approaching the 8 to 10 million barrels per day estimated by U.S. officials. Goldman Sachs analysts noted that an increase in the number of vessels operating without tracking signals, as well as more ship-to-ship transshipment activities, indicate that producers and carriers are adapting to the conflicts in the Middle East. Despite a large amount of oil being exported from the Persian Gulf, the transportation volumes of liquefied natural gas and refined oil are lower. Goldman Sachs also mentioned that in the event of continued supply disruptions, it is expected that there will be greater room for increases in European natural gas prices and forward refined oil prices than in crude oil prices.