Global oil in transit plunges sharply

The volume of oil in transit globally has witnessed its sharpest drop since the Covid era, falling from 1.26 billion barrels to 1.07 billion barrels. The report notes that a significant portion of these barrels remains stuck behind the Strait of Hormuz, indicating the worst of the supply shock is still to come. This dramatic contraction in floating storage highlights the severe disruption to global oil logistics and trade flows.