Japan imported 2.492 MBD crude in Aug 2026 (JODI), with refinery input at 2.349 MBD and end-month inventory at 272,336 MB. Middle East share >90% (industry consensus), reinforced by persistent AIS visibility loss at Hormuz Strait (historical norm ~49 vessels/day). Fuel oil +3.34%, asphalt +3.34% signal downstream restocking.