Oil markets in tight spot as Hormuz reopens and reserves run low
TL;DR
The Strait of Hormuz has reopened after nearly four months, but global oil inventories are at multi-decade lows with about 1.15 billion barrels lost during the conflict. With strategic reserves depleted and storage facilities near capacity, analysts warn supplies could run critically low for weeks to months, potentially pushing prices higher even as the strait resumes flow.
- More than 1 billion barrels of oil have gone missing CNN
- OPEC chief dismisses IEA supply glut forecast as 'critical' Strait of Hormuz reopens CNBC
- Oil Prices Are Crashing. Inventories Tell A Different Story. Crude Oil Prices Today | OilPrice.com
- World facing a glut of oil after Iran peace deal The Telegraph
- Oil Supply Could Far Outstrip Demand Growth if Middle East Peace Deal Holds, IEA Says WSJ
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