alt Hacker NewsExactly. This is a pipeline architecture, you don't buffer more than absolutely necessary. What matters is how much fuel is flowing, not what the storage fill size is.
Right now it seems like we've entered a detente where (1) Iran controls the strait and allows oil to flow with tolls and (2) the US lies about it and pretends (for domestic consumption) like it's interdicted all tolled commerce.
Jet fuel in particular is more complicated than that. At the moment, most of the shipping passing through the straits are coming to and from Iran. I believe only a few ships for other countries have transited, none of them tankers- the GCC countries are not willing yet to acknowledge Iran's control over the Straits, since doing so would be to admit that this war was a giant catastrophe.
Iran, for sanctions related reasons, is unable to make international grade jet-fuel. Only the GCC countries can (in the Persian Gulf). And so not a single tanker of jet fuel has transited the Straits of Hormuz to Europe since this incredibly dumb war started. Iran does export raw crude to China, which refines it to international grade jet fuel, and China is getting some shipments from Iran, but China's raw crude imports have dropped, and they have responded by ending jet-fuel exports to the rest of Asia.
My understanding is that Europe can produce jet-fuel from the North Sea deposits, but they rely on imports because it is not sufficient for their consumption (My memory is that 'domestic production' was on the order of 60% of consumption). So as long as the Straits are blocked to GCC traffic there will be problems for European commercial aviation, getting worse over time.