25 Aug 2026

Markets are starting to show how the Strait of Hormuz crisis is reshaping global oil flows.

The key signal is not just fewer barrels moving through the region. It is where those barrels are now showing up. Ports like Fujairah and Sohar, both located outside the Strait, are seeing a surge in crude departures. That suggests they are increasingly acting as bypass routes, transshipment points, and ship-to-ship transfer hubs for oil that would normally have taken a more direct path through Hormuz. Importantly, this does not mean the UAE or Oman suddenly produced far more oil. It may also hint at rising “dark” vessel activity. When AIS signals are limited or interrupted, voyage tracking becomes harder, and cargoes can effectively “reappear” outside Hormuz. So the disruption is no longer visible only in oil prices and tanker rates. It is now visible in the geography — and the opacity — of the physical oil market itself. Source: Michael McDonough DST

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