Blockade and expiring Iran waiver pressure oil on water in Asia
- Access to Iranian crude oil could be completely cut off with the combined effect of the blockade and the impending expiry of the recent US waiver
- The Hormuz turmoil has sparked draws from Asian floating storage inventories, with Russian oil on water falling sharply
- China and India are likely to eye Russian crude oil while the rest of Asia looks to the Atlantic
China will need to hunt for alternatives to Iranian crude oil while maintaining healthy floating storage levels if the current state of the turmoil continues
