Fujairah residual fuel-oil stocks fell 17% to a multi-year low of 2.05mb in June 2026 with zero fuel-oil imports landing, while exports surged and Iraq took 73% of cargoes 1. Fujairah is The Gulf's largest bunkering hub, the place ships refuel just outside the strait of Hormuz, and in June it turned net fuel-oil exporter, draining its own residual stocks into Iraqi supply channels.
Fujairah is not restocking; it is shipping product to Baghdad, which points to Iraq rebuilding bunker and fuel supply behind the blockade rather than The Gulf returning to normal trade. Total Fujairah stocks hit a record-low 6.5mb back in May , and the June fuel-oil drain confirms that pressure has deepened, not eased, in the weeks the screen has spent pricing an Iran resolution.
Middle distillates at Fujairah rose 9% to 1.29mb, the one counter-signal, suggesting some Hormuz-bypass cargo has arrived. But a hub draining its heavy stocks to zero imports while diplomacy headlines dominate is the inland tell that the supply map around The Gulf is still redrawn. The blockade's effects sit in the stock data well after they have left the front pages.
