The biggest threat is no longer lost supply, but the need for governments, refiners, and traders to rebuild depleted strategic and commercial oil inventories.

The biggest threat is no longer lost supply, but the need for governments, refiners, and traders to rebuild depleted strategic and commercial oil inventories.

Iran and the U.S. have announced rival blockades of the Strait of Hormuz. This action cripples an already fragile ceasefire deal between the two nations. Global oil reserves have…