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CITIC Securities' research released on May 20th shows that as the US-Israel-Iran conflict disrupts shipping through the Strait of Hormuz, global crude oil inventories have fallen to historic lows. US refined product prices have reached multi-year highs, while many energy-importing regions in Asia may face supply shortages. The market is hopeful that previous excess inventories, exemptions from sanctions on Russian oil, and strategic petroleum reserve releases by multiple countries will help buffer the pressure.