Oil Storage Is Filling Fast in Middle East With Hormuz Blocked

Oil producers across the Middle East face a tense countdown as the Iran war blocks the region’s main export artery, filling the countries’ storage tanks and threatening output cuts if the situation persists.

With shipping through the Strait of Hormuz suspended, Persian Gulf countries are having to stockpile the stranded supplies in storage tanks. Iraq — which has limited storage capacity — has been compelled to begin massive production cuts, and JPMorgan Chase & Co. warns that others like Saudi Arabia and the United Arab Emirates may need to follow suit within weeks.