Forget the Hormuz crude fight: Asia's refined-fuel imports are down 21%
The dispute over how much crude clears Hormuz is a false debate — refined fuels show where the shortage actually bites. Asia's imports of diesel, jet fuel and gasoline have fallen 21% (about 1.5 million bpd) from pre-conflict levels, with refining margins stuck near record highs. The pain is uneven: Indonesia's arrivals hit a 13-month low while richer Australia holds its own.