Performance issues on object storage in eu-se-1 region

Update 11 hours ago
Status changed from Investigating Identified
New information:

We've identified the issue and rolled out a fix.

Update 10 hours, 57 minutes ago
Status changed from Identified Watching
New information:

We are watching the result of the rolled out fix, we believe this has relieved the issue.

Update 10 hours, 44 minutes ago
Status changed from Watching Fixed
New information:

This incident is now closed and was related to a regression from the security maintenance on the authentication API.

Due to the severity of the security related issue a rollout was required immediately but due to a policy change caching on credentials did not work correctly under certain circumstances causing the cache to never become ideal/fully warm causing a performance penalty on object storage requests.