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 supply disruptions tied to the Middle East conflict, leading to a tightening market and concerns about future availability.

Oil prices jumped Monday after U.S. President Donald Trump warned Tehran that the “clock is ticking” as U.S.-Iran negotiations over a permanent end to the war stall.

Fears of shortages are rising with the travel season approaching in the northern hemisphere.