HSBC warns the closed Strait of Hormuz is draining oil inventories toward critical lows, risking sharp non-linear price spikes rather than a gradual super-cycle rally.

HSBC warns the closed Strait of Hormuz is draining oil inventories toward critical lows, risking sharp non-linear price spikes rather than a gradual super-cycle rally.

"Furthermore, US copper imports in H1 2026 have exceeded our previous forecast, tightening the ex-US balance."