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Oil Storage Is Filling Fast in Middle East With Hormuz Blocked
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March 4, 2026
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5:22Now PlayingOil producers across the Middle East face a tense countdown as the Iran war blocks the region’s main export artery, filling the countries’ storage tanks and threatening output cuts if the situation persists. Bloomberg's Mike McGlone joins to discuss the fluxaution in oil as well as how commodities are moving amid the Iran war. An oil tanker suffered an explosion off the coast of Iraq which damaged a tank that is losing water, signaling wider risks to shipping in the Persian Gulf beyond the Strait of Hormuz.
The Sonangol Namibe was approached by a small boat near Khor Al Zubair in Iraq and its crew later heard a loud bang, according to Sonangol Marine Services. It is the first incident that far north in the Persian Gulf since the US and Israel began bombing Iran over the weekend.
The company said there are no reports of any pollution and there was no cargo on board, allaying earlier concerns that it could have been spilling oil. A UK Naval group earlier reported that oil was seen in the water nearby. Sonangol Marine Services said the ship’s hull appeared to have been breached, but that it was losing water from a ballast tank — a compartment designed to help with the vessel’s stability. It said local officials and government authorities were notified. Iran’s IRIB News reported an oil tanker was struck early Thursday by the Islamic Revolutionary Guards Corps Navy. It didn’t identify the vessel.
The incident with the Sonangol Namibe marks one of the farthest reaches where vessels have been targeted since the war in the Middle East began, expanding its reach deep into the Persian Gulf. It’s also the largest tanker to be hit.
It follows a strike on a container ship in the Strait of Hormuz on Wednesday and
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