Global oil inventories are running low; the next round of price surges could impact the economy and markets.

BlockBeats News, June 7 — As the agreement on the passage of oil tankers through the Strait of Hormuz has yet to be reached, global oil inventories are dropping to dangerously low levels. industry executives and analysts warn that there could be another surge in oil prices in the coming weeks, with severity enough to impact broader financial markets.

JPMorgan predicts that unless the passage through the strait returns to normal, oil prices could rise sharply in late June. U.S. crude oil inventories have declined for eight consecutive weeks, reaching their lowest level since February 2024. Analysts point out that the risk of a second round of price shocks is real and may stem from the depletion of buffer mechanisms rather than the closure of the strait itself.

Investors believe that the Strait of Hormuz has become a persistent geopolitical bottleneck, and even if tensions ease, oil prices are unlikely to return below $70. Higher oil prices pose a "mild headwind" to the U.S. economy, but Europe and Asia are more vulnerable to ongoing energy inflation. If crude oil rises to $120 per barrel and remains there for a year, U.S. economic growth could slow by about 0.4 percentage points.