- Global crude oil in transit reached a record 1.28 billion barrels, up about 180 million barrels over the last several weeks.
- Middle Eastern oil flows are recovering through the Strait of Hormuz and alternative routes, while more crude remains at sea for longer.
- Ship-to-ship transfers and extended shipping routes lengthen transit times, and importers diversifying away from the Middle East add to voyage length.
- More oil is tied up on tankers rather than readily available to refiners, tightening near-term supply despite recovering export flows.