With the Mideast conflict again turning kinetic, markets will have to manage without the inventory cushion that helped weather the initial supply squeeze.

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.