While inventories are not at critical levels, another prolonged disruption of supply through the Strait of Hormuz could change that within months.

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…

While inventories are not at critical levels, another prolonged disruption of supply through the Strait of Hormuz could change that within months.