Oil crisis deepens as Hormuz disruption threatens global inventories by June 2026

Global oil inventories are falling rapidly as the U.S.-Israel conflict with Iran disrupts shipping through the Strait of Hormuz, raising the risk that major economies’ crude stockpiles could near operational limits by early June 2026, according to JPMorgan. IEA Executive Director Fatih Birol warned the world faces its largest energy crisis, with Brent crude briefly topping $120 a barrel. Oil prices have moved above $100, while U.S. inflation rose to 3.8% in April 2026 as gasoline prices increased, adding pressure on equities and global growth. Asia is the most exposed region because it is the largest destination for Middle East crude. Asia-Pacific crude inventories excluding China have fallen about 12% since the war began in late February 2026, reaching the lowest level in at least a decade. The IEA has coordinated a 400 million-barrel strategic reserve release, while the U.S. has tapped the SPR, but analysts said those measures may only delay shortages if Hormuz remains closed into June.