Global Oil Stockpiles Deplete as Iran Conflict Disrupts Supply
The International Energy Agency (IEA) has reported a significant depletion of global oil stockpiles due to the ongoing conflict in Iran, which has severely restricted supply. The agency noted that approximately 4 million barrels of oil per day were drawn from backup supplies in April, marking an unprecedented supply shock. The conflict has effectively closed the Strait of Hormuz, a critical passage for global oil transport, leading to a substantial reduction in global oil inventories. The IEA highlighted that the petrochemical and aviation sectors are most affected, with potential price spikes anticipated. The Organization of the Petroleum Exporting Countries (OPEC) has also revised its forecast for global oil demand growth, reflecting the ongoing supply challenges. 
