Naval Blockade Persistence

The de facto blockade of Iranian ports and restricted maritime traffic in the Persian Gulf have removed nearly 6 million bpd from global markets. US exports are at record highs as buyers scramble for available barrels.

Inventory Squeeze

A larger-than-expected 6.2-million-barrel draw in US commercial stocks earlier this week confirms that domestic supply is being stretched to cover global shortfalls, supporting a $30 war premium.