IEA Warns Global Oil Reserves Are Quicker to Diminish Amid Hormuz Crisis

IEA chief Faith Birol warned in Paris that global oil inventories are shrinking to weeks’ worth due to the Strait of Hormuz crisis tied to Trump’s Iran war, signaling potential sharp energy-price spikes. He noted inventories are declining rapidly and that markets may be underpricing the coming supply crunch, a gap echoed by economists who warn fertilizer shortages and rising food costs could push inflation higher and strain growth if prices continue to rise. The situation comes as discussions of resumed strikes and ceasefires keep the Strait closed, raising the risk of a broader energy crisis.