Global oil inventories drop to critical levels
Industry executives warn that depleted global crude stocks could trigger a significant price spike as summer fuel demand peaks. Exxon Mobil and the IEA suggest that dated Brent could reach 150 dollars a barrel if the Strait of Hormuz remains closed and strategic reserves are exhausted.
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Global oil inventories are falling to critical levels as the continued closure of the Strait of Hormuz threatens a second price shock. Brent Crude Oil could spike to $160 a barrel if supply buffers exhaust before a shipping deal is reached, according to industry executives. This inventory depletion risks upending the stock market's bull run and forcing a sharp repricing of global inflation.
