The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.

The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.

Oil prices could top $130-$140 a barrel next month if the strait remains closed and inventory depletion rates remain steady, according to Capital Economics.