The scale of the miss marks one of the sharper expectation gaps of the summer, and it came from a familiar pairing: refiners running at full tilt and exporters moving unusually large volumes offshore. Even with the outsized draw, stocks held 1% above their five-year average, meaning the surprise was more about pace than position.
Global crude oil futures surged roughly 5% on Tuesday, extending a sharp multi-session rally to five-week highs as direct US strikes on Iranian targets and tanker attacks in the Strait of Hormuz intensified structural supply disruption risks across core Middle Eastern transit corridors.
Transpacific demand remains unusually strong despite peak season's early May start. Carriers are adding modest September capacity, with further increases likely — especially East Coast — ahead of October Golden Week blank sailings.
Global crude oil futures surged more than 2.5% on Monday, resuming an upward trajectory as direct military confrontations between the United States and Iran reignited supply disruption concerns across critical Middle Eastern energy corridors.