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Oil Depletion Risk Rises
The global energy crisis has worsened since the outbreak of the war on Iran and the disruption of shipping through the Strait of Hormuz. Around one billion barrels have been drawn from inventories, while shipping and logistics costs have climbed to more than 30% of the cost of a barrel, up from less than 5% before the war. Brent crude neared $110 in early November—almost 50% above its prewar level—while diesel inventories in some markets fell to their lowest seasonal level in 35 years, and the shortfall in liquefied natural gas supplies reached around 600 billion cubic feet. Experts warn that continued disruption could weaken the capacity of reserves to withstand new shocks, and that rebuilding them will take time and money. The energy import bill for Egypt, Morocco, Tunisia and Lebanon also rose to $4.8 billion a month in June, nearly 66% higher than at the start of 2026. The article stresses that easing the crisis requires supplies to resume, alongside stronger strategic storage, refining capacity and infrastructure. The oil price alone does not reflect the full extent of the ongoing pressure on fuel, transport and goods.
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