Global oil inventories are falling at a record pace of 11-12 million barrels per day in April, as Persian Gulf output drops by 14.5 million barrels daily amid the ongoing Strait of Hormuz closure.
Despite soaring prices, demand reduction has not matched the supply loss, forcing the world to rely on stored oil, which is rapidly depleting and raising fears of further price spikes and economic damage.
The crisis stems from the US-Iran war and continued closure of the Strait, with reopening proposals stalled by US political considerations, leaving the global economy vulnerable as oil stocks dwindle.
The Strait's closure has crippled more than just oil. How close are we to a worldwide food crisis?
How will 'demand destruction' from soaring oil prices reshape daily life and the global economy?
Can the global economy survive six months without Gulf oil for demining operations?
What diplomatic solution can reopen the Strait of Hormuz and avert a global recession?
Is this the crisis that finally forces a global transition to renewable energy?
What is the human cost for 20,000 seafarers trapped in the Persian Gulf?