Iran is running out of places to store its oil amid the US blockade of the Strait of Hormuz, with just 12 to 22 days of unused storage capacity left, per Bloomberg. As a result, Iran may soon need to cut another 1.5 million barrels of oil production per day. Much of these Iranian oil exports were going to Asian countries which are already witnessing their worst energy crisis in history. Asia's energy crisis will soon intensify even further.