About 42 million barrels of Iranian crude are now sitting on Iranian tankers, many of these old vessels, in the Middle East, a 65% surge compared to the beginning of the war, per Kpler estimates cited by FT.

Oil prices remain near $100 despite the Hormuz disruption, but inventory drawdowns, spare capacity limits, and structural constraints suggest a delayed supply shock ahead.

Iran's Kharg Island oil terminal has not loaded tankers for 10 days amid a US naval blockade, disrupting 69 million barrels of crude and rattling markets.