IEA Warns of Oil Depletion Risk in Strait of Hormuz

The global oil market is facing a crisis due to rapidly declining stocks, which fell by 2.2 million barrels per day last month to reach the lowest level since April 2025. A shortage of 1.8 million barrels per day is expected in the fourth quarter, according to the International Energy Agency. This situation comes amid ongoing conflicts in the Strait of Hormuz, one of the most vital global oil passages, where potential closure threatens to disrupt nearly one-fifth of the world's oil supplies. Ship traffic through the strait has significantly decreased; prior to the war, about 120 ships passed through it daily. The agency emphasizes the urgent need to reopen the strait as soon as possible to avoid worsening the crisis, especially given the increasing risks associated with declining inventories and rising fuel prices.

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