Oil markets recover from historic shock, but reserves depletion signals potential future disruptions

Despite the global oil market experiencing its largest supply shock since the Iranian war, losing over a billion barrels of supplies, strategic and commercial deviations that absorbed much of the disruption have led to increased fragility. The closure of the Strait of Hormuz and responses to American and Israeli attacks caused disruptions peaking at around 14 million barrels per day, the largest daily loss in recent history according to energy agencies. As oil prices recover somewhat and some countries move to reduce reliance on the Strait, global inventories remain extremely low, with expectations of declining global production in the future amid ongoing tensions.

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