An impending wave of oil that’s been trapped inside the Strait of Hormuz is set to be unleashed on Asia, suddenly swamping a region that had managed to make up for lost supply in recent weeks.
Around 31 supertankers, capable of carrying about 62 million barrels of crude, are stuck inside the Persian Gulf and set to sail out once the waterway opens up, according to Signal Group data. The actual tally may still be higher yet, with some vessels possibly turning their satellite transponders off.