The continued closure of the Strait of Hormuz is creating ever-deeper deficits that will take longer to pull back to normal the longer the situation continues.

Physical crude markets have also firmed again in recent days, offering a reminder of the wider supply tightness that’s hitting the global oil industry.

Strait of Hormuz faces potential closure, impacting oil stockpiles. Traffic normal by July 31 at 42.5% YES, Bab el-Mandeb Strait closed by May 31 at 5% YES.

The IEA has warned that global oil supplies are depleting at a record pace, with the Strait of Hormuz closure driving the worst supply shock in decades

The scale of the Hormuz supply loss intensified last month due to the US blockade of Iranian exports.

The continued closure of the Strait of Hormuz is creating ever-deeper deficits that will take longer to pull back to normal the longer the situation continues.

The present tranquility will not last.