Global oil stocks — supported by China's active moves — proved critical in the US-Iran conflict's first phase. But can they act as a long-term buffer as the crisis reignites?

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

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.