The sluggish import from Asia to Europe has begun a chain reaction.

Goldman Sachs states that the Middle East conflict continues, supply is restricted, and global crude oil and refined product inventories are declining at a record pace this month. Since May, the daily decline has reached 8.7 million barrels, nearly twice the amount since the conflict began. The physical market continues to tighten, with exports through the Strait of Hormuz at only 5% of normal levels. Offshore crude oil exports have fallen more than imports, and sluggish imports are spreading from Asia to Europe, with Europe's jet fuel imports 60% below the 2025 average.