If the Strait of Hormuz is closed for another 3 days, 3.3 million barrels of crude oil in the Middle East will be forced to stop production, with Iraq bearing the brunt.
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The threat of the Strait of Hormuz being blocked is rapidly turning into a physical supply crisis at a speed far exceeding previous expectations.
Natasha Kaneva, chief commodities strategist at JPMorgan, pointed out in her latest report that due to the uneven storage tank capacities among Middle Eastern oil-producing countries,