Global Oil Stockpiles Near Record Lows Amid Strait of Hormuz Closure
Global oil stockpiles are falling at a record pace due to continued closure of the Strait of Hormuz, with UBS predicting inventories could reach all-time lows by end of May. Analysts warn that prices will rise sharply if supply disruptions persist and reserves fall below critical levels.
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Topics: market impact oil inventories price spikes Strait of Hormuz closure