11 Million Barrels of Oil Production Shut In as Middle East Storage Hits Capacity

Key Facts

1President Trump stated the US will guide stranded ships through the Strait of Hormuz using a significant military force.

2The operation is scheduled to begin on Monday, involving over 100 aircraft and 15,000 personnel.

The global energy crisis remains acute as 11 million barrels per day of Middle East oil production are shut in due to storage capacity limits. In a significant diplomatic shift, President Trump has paused the maritime mission in the Strait of Hormuz, triggering a rally across global financial markets. This pause signals tangible progress in ongoing negotiations to resolve the regional standoff under the UN-led 'Project Freedom.' Separately, global markets are eyeing Swedish flash CPI figures, which are expected to decline following a reduction in VAT on food from 12% to 6%. Investors are now assessing whether this market rally and diplomatic de-escalation will restore energy flows and stabilize Brent and WTI prices.

29 days ago

Version History

4 additional sources confirmed this story

Version 1429 days ago

What changed: The story was updated to include the positive financial market rally following President Trump's signals regarding the delay of operations in the Strait of Hormuz.

Version 1329 days ago

What changed: The story was updated to reflect President Trump's pause on the Hormuz mission due to diplomatic progress and to include projected declines in Swedish inflation.

Version 1229 days ago

What changed: The story was updated to include Iran's introduction of a formal new mechanism for maritime oversight in the Strait of Hormuz, escalating the regulatory standoff with the U.S.

Version 1129 days ago

What changed: The story was updated to include the Trump administration's new directive to establish a specific narrow shipping lane for oil tankers in the Strait of Hormuz.

Version 1029 days ago

What changed: The story was updated to include direct U.S. military intervention to secure the Strait of Hormuz and the subsequent Iranian reaction.

Version 929 days ago

What changed: Updated the story to include the joint diplomatic push by Bahrain and the U.S. at the UN and the formal pursuit of a new international maritime coalition.

Version 829 days ago

What changed: Updated to include the 11 million b/d production shut-in and storage reaching tank-top capacity, noting the impact on 2027 price expectations.

Version 730 days ago

What changed: The story was updated to reflect growing doubts regarding the stability of the regional truce due to direct military conflict in the Strait.

Version 630 days ago

What changed: Confirmation of Maersk vessel transit under U.S. escort and the formal naming of 'Project Freedom'.

Version 530 days ago

What changed: Added mention of President Trump downplaying the Iranian attacks and noted that Brent and WTI crude prices are maintaining their elevated trading levels.

Version 4about 1 month ago

What changed: The story was updated to include President Trump's request for South Korea to join the military coalition securing the waterways.

Version 3about 1 month ago

What changed: Updated to confirm the effective halt of commercial shipping traffic despite U.S. military assurances.

Version 2about 1 month ago

What changed: Updated the story to include the physical prevention of U.S. naval entry and the Revolutionary Guard's unveiling of a new control map.

Version 1about 1 month ago

What changed: Updated to include the US denial of a warship strike and Tehran's formal warning to the US Navy.