The oil market has far fewer buffers than earlier this year, with strategic reserves, commercial inventories, and China's stockpiles significantly depleted after cushioning previous supply disruptions.

Renewed US-Iran conflict threatens global oil supply through the Strait of Hormuz, with Brent crude forecasts revised up nearly 30% and analysts warning of

The oil market has far fewer buffers than earlier this year, with strategic reserves, commercial inventories, and China's stockpiles significantly depleted after cushioning…

Depleted reserves and changed circumstances make price spikes more likely this time around.

Inventories have been depleted, refining capacity has been damaged and the US no longer appears capable of acting as the world's supplier of last resort.

The opening of a second front in the war in the Middle East and depleted stocks of oil and refined products around the globe have left the world vulnerable, and oil prices are…