International Energy Agency head Fatih Birol warned that commercial oil inventories are rapidly depleting, with only a few weeks of supply remaining due to the Iran war and Strait of Hormuz closure. Strategic reserve releases have provided temporary relief, but demand is increasing with seasonal shifts. The agency previously forecast a surplus but now anticipates a significant shortfall this year.

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.

Global oil inventories fell 250M barrels in two months as the Iran war blocks the Strait of Hormuz, triggering a worldwide scramble for energy supplies.

IEA chief Birol warns of rapidly depleting oil inventories, citing the Iran war and limited strategic reserves.