Kuwait has just stopped oil production because it has nowhere to store it.

With the Strait of Hormuz effectively closed, tankers can’t move and storage tanks across the gulf are reaching capacity.
Brent just posted its biggest weekly gain since the start of the Russia/Ukraine war.
Qatar’s energy minister warned of $150 oil within weeks if the strait stays closed, and every gulf exporter will be forced to stop output.
20% of the world’s oil moves through the waterway between Iran and Oman. Only 2 vessels crossed it in the last 24 hours.