Oil markets tiptoe toward crunch as Hormuz shuts again

Traders warn the latest Strait of Hormuz disruption could trigger a fresh supply crunch as the market has burned through buffers and the IEA’s emergency stock release (about 300 million barrels of a 400 million-barrel plan) is nearly exhausted. Brent has rebounded into the mid‑80s, reflecting tight supply despite previously deployed reserves and demand shifts. While some Gulf exports have been rerouted, Iraq and Kuwait remain largely cut off, and renewed Red Sea risks from Yemen’s Houthis could worsen the squeeze ahead of winter. The situation underscores vulnerability in oil and refined-product markets amid ongoing Middle East tensions.