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

AI Summary

Middle Eastern crude exports through the Gulf have recovered to roughly 80–85% of pre-war levels, while refined-product exports remain near 35%. The disparity reflects producers’ preference for crude shipments and continued vulnerability around the Strait of Hormuz, despite positive diplomatic signals.

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 Fesharaki, chairman emeritus of industry consultant FGE NexantECA, said last week that while Middle Eastern crude exports, including pipeline shipments,…