The Strait of Hormuz has been closed for over 100 days, yet oil prices have not skyrocketed as anticipated. President Donald Trump claimed a secret US mission moved 100 million barrels of oil through the blocked strait, but this number is impossible to verify.
The oil market's response to the outage has been robust, with China, the US, Brazil, and Canada stepping in to fill the void. China has approximately 1.3 billion barrels in storage, drawing it down at around a million barrels a day.
However, analysts warn that the buffers will eventually run out, and oil prices may increase by July if the strait remains closed. The US, currently acting as a swing producer, faces its own deadline as the end of the year approaches, and will have to prioritize its own domestic production
