Global oil stockpiles could hit record lows if Strait of Hormuz remains closed

Global oil inventories are falling at a record pace to compensate for the big supply disruption in the Middle East and they will approach critical levels if the Strait of Hormuz does not reopen. Higher prices for oil and fuel are likely ahead of peak demand this summer as a consequence, the International Energy Agency warned this week in its monthly update. "Rapidly shrinking buffers amid continued disruptions, may herald future price spikes ahead," the IEA said. …