Global oil inventories are being depleted at a record pace as restricted Strait of Hormuz flows tighten physical markets and raise the risk of another price surge.

The scale of the Hormuz supply loss intensified last month due to the US blockade of Iranian exports.

Global oil stockpiles are shrinking at a record pace this month, with visible crude and fuel inventories falling by 8.7 million barrels daily. This sharp drawdown reflects severe…