Offshore oil stocks are rapidly decreasing and the pressure on oil prices is building up.

As the supply from the Persian Gulf continues to be restricted for the third consecutive week, buyers are forced to seek alternative sources of supply, and the amount of oil stored at sea is rapidly decreasing. If the proposal to lift the sanctions on Iranian oil exports presented by US Treasury Secretary Janet Yellen on Thursday were to be pushed forward, this reserve could diminish even faster. Since the outbreak of the US-Iran war, the daily reduction in offshore stored crude and condensate oil has been 1.8 million barrels, one of the fastest rates in years. According to data from the intelligence firm Vortexa, current stocks are approximately 78 million barrels, with around one third coming from Iran. Late last year, the amount of oil stored at sea rapidly increased, peaking at over 140 million barrels by the end of November. This was due to US pressure on India to avoid Russian oil, and as Iranian exports accelerated with worsening geopolitical tensions. Since then, these stocks have almost halved. With the buffer layer becoming thinner and thinner, oil prices may accelerate their rise unless the Strait of Hormuz reopens quickly.