OIL STORAGE NEARS CAPACITY AS HORMUZ REMAINS BLOCKED Middle Eastern oil producers are running out of storage as the Iran conflict halts shipments through the Strait of Hormuz. 🔸Iraq has already cut production; Saudi Arabia and the UAE may follow within weeks. 🔸Oil futures hit a 19-month high above $85/barrel, though reports of Iranian peace overtures pared gains to ~$82. 🔸Combined Gulf storage has ~100 million barrels left, but effective capacity is lower due to operational limits and tank locations. 🔸Key terminals like Saudi Arabia’s Ju’aymah and Ras Tanura are rapidly filling. 🔸JPMorgan warns some producers could hit “tank tops” in just over three weeks unless alternative export routes are used.(*Walter Bloomberg)