Global oil and gas inventories are almost depleted as the Strait of Hormuz has been closed for over three months. As a result, even if the key waterway is quickly reopened, U.S. consumers will still face high fuel prices.
Strategists who spoke to The Washington Post noted that prices could climb even higher by the July Fourth holiday. "These shock absorbers have been surprisingly effective," said Jim Burkhard, global head of crude oil research at S&P Global Energy. He was making reference to the use of inventories by authorities around the world.
