Gulf Oil Stocks on Tankers Drop to 148 Million Barrels Amid Hormuz Uncertainty

BAGHDAD, Iraq — Oil inventories stored on tankers in the Gulf have declined to roughly 148 million barrels from 184 million barrels in March, according to Reuters analysis, as uncertainty at the Strait of Hormuz continues to weigh on regional petroleum flows. The number of tankers transiting the strait has remained well below typical levels at approximately three vessels per day, according to the analysis. Loading operations from Gulf ports have accelerated in recent weeks, though the pace of tanker traffic through the waterway has not kept pace. Security concerns and elevated maritime insurance costs remain the primary obstacles to increased transit activity, industry analysts said. A return to normal flow patterns would require greater stability in maritime traffic and the repositioning of empty tankers to Gulf terminals, they added.