Global oil inventories are being depleted at a record pace, as governments draw down strategic reserves and stored crude to offset lost supply, while U.S. fuel stocks have fallen to multi-year lows.

Markets may be underestimating the risk, with traders betting on a Hormuz reopening even as physical oil stocks approach critically low levels and tanker traffic remains disrupted.

Global oil inventories are being depleted at a record pace, as governments draw down strategic reserves and stored crude to offset lost supply, while U.S. fuel stocks have fallen…