It appears that there is nothing extra coming out of the Red Sea anymore, diverted by Saudi Arabia west to Yanbu.
UAE moved 0.95 mbpd through Hormuz in July 2026, but 2.28 mbpd out of Fujairah which doesn't go through Hormuz, which would be in addition to the now ~6 million through Hormuz, yielding 8.28 mbpd approximately, as we speak.
That's 62% off the pre-war level of ~22 mbpd out of the Middle East.
Trump not vanquishing the Houthis in 2025 is America's chickens comin' home to roost.
