JPMorgan's Oil Crisis Math: 6.5MM Barrels Now Shut-In, Rising To 12MM Next Week

Today marks the second week of the Iran war, and the oil market is beginning to feel the physical reality of a supply disruption.

As JPM's chief commodity strategist Natasha Kaneva writes in her market note today (available to pro subs) commercial tanker activity remains extremely limited, with most movements dominated by Iranian vessels, many likely heading toward China.