
More than ten weeks into the war in the Middle East, global oil inventories are being depleted at a record pace as disruptions to flows through the Strait of Hormuz continue to tighten supplies, the International Energy Agency (IEA) said on Wednesday.
According to preliminary IEA data, global oil stockpiles fell by 129 million barrels in March and by a further 117 million barrels in April following US and Israeli strikes on Iran and the subsequent disruption to Gulf exports.