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,…