Crude Is Back at 80% in the Gulf, but Refined Products Are Stuck at 35%

The Quick Take

The story in the Strait of Hormuz has been that Middle Eastern crude exports have recovered to about 80% to 85% of pre-war levels, including pipeline shipments, while refined-product exports remain muted. The uneven recovery shows how Gulf producers prioritize crude oil shipments over refined products as the Hormuz chokepoint remains vulnerable despite encouraging diplomatic signals. Fereidun Fesh