How much crude oil is currently trapped in the Strait of Hormuz, and how long is it expected to take to clear?

According to Phillips 66 CEO Mark Lashier, between 90 million and 100 million barrels of crude remain trapped in the Strait of Hormuz, and their release will be a 'long drawn out paced process' because onshore storage tanks are already full — meaning new capacity must be created before crude flows can appreciably ramp up.

What temporary measures helped stabilize crude prices during the Hormuz disruption, and why are they not sustainable?

Temporary measures that cushioned the market included releases from the U.S. Strategic Petroleum Reserve and low inventories at the Cushing, Oklahoma storage hub; Lashier explicitly stated these factors were temporary and noted that 'we think there's going to be some structural shift in what the crude floor is.'

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