Oil Market’s Seaborne Buffer Runs Down Fast as Iran War Drags On

The amount of oil stored at sea — a vital buffer for markets — is running down fast, as supply from the Persian Gulf remains constrained for a third week and buyers are forced to find quick alternatives.

It’s a hoard that could shrink even more swiftly if the US advances a proposal to remove sanctions on seaborne Iranian barrels, floated by Treasury Secretary Scott Bessent on Thursday.