Iran War Drains Global Oil Stocks at Record Pace as Hormuz Near-Closure Persists

The Iran war is draining global oil inventories by about 4.8 million barrels per day as the Strait of Hormuz nears two months of near-closure. Morgan Stanley said the drawdown from March 1 to April 25 exceeded the previous quarterly peak in International Energy Agency data. Crude accounted for nearly 60% of the decline. JPMorgan’s Natasha Kaneva said the system could hit untouchable safety-stock levels before inventories are fully depleted, raising the risk of sharper price spikes and shortages.

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