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![US President Donald Trump (2nd L) is welcomed by Saudi Crown Prince Mohammed bin Salman Al Saud (R) as he arrives at Malik Khalid Airport, for the first leg of his three-country Middle East tour in Riyadh, Saudi Arabia on May 13, 2025. [Bandar Al-Jaloud/Saudi Royal Court – Anadolu Agency]](https://uskenergy.com/wp-content/uploads/2026/07/US-Saudi-Nuclear-310x165.webp)
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![A ship waits to pass through the Strait of Hormuz following the two-week temporary ceasefire between the US and Iran, which is conditional on the opening of the strait, in Oman on April 8, 2026. Shipping traffic remained at low levels, reported. [Shady Alassar – Anadolu Agency]](https://uskenergy.com/wp-content/uploads/2026/07/Hormuz-310x165.webp)
Beyond the Strait of Hormuz: Refining Capacity and Product-Market Vulnerability
The recent disruption in the Middle East, including the closure and uneven reopening of the …
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