Oil Supply Shock and Economic Concerns
Strait of Hormuz closure caused 10% supply drop, largest shock in history.
Gulf producers face over 1 billion barrel losses from supply disruptions.
Strategic Petroleum Reserve fell to 365 million barrels, lowest in two years.
Global oil inventories dropped 250 million barrels between March and May.
IMF and World Bank warn inventory squeeze threatens economic resilience.
Heatwaves strain power grids in Northern Hemisphere.
2026 oil supply projected to fall 3.9 million barrels per day.
400 million barrel release insufficient to replace lost supply.
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