BREAKING: Global crude oil in transit is up to 1.28 billion barrels, an all-time high. This figure has surged +180 million barrels over the last several weeks. This comes as Middle Eastern oil flows recover through the Strait of Hormuz and alternative routes, while more crude remains at sea for longer. Ship-to-ship transfers are keeping oil aboard tankers for longer, while extended shipping routes are increasing transit times. Meanwhile, global oil importers diversifying away from the Middle East are lengthening voyages, leaving more crude tied up aboard tankers. As a result, more oil remains in transit rather than being readily available to refiners, tightening near-term supply despite recovering export flows. Oil is flowing, but timely delivery is becoming the bottleneck.