Global energy supplies are dangerously low as the Strait of Hormuz crisis continues. IEA warns of oil shortage and soaring prices ahead.

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.

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.