economy
Oil traders warn market is close to running on empty as Hormuz shuts again
Stockpiles that acted as shock absorbers early in Iran war are running low as crucial waterway closes again
TL;DR
- National oil stockpiles, which previously absorbed supply shocks during the Iran war, are now running low.
- A crucial waterway has been closed again, intensifying concerns about oil supply.
- Oil traders are warning that the market is approaching a state of being "on empty" due to low reserves and shipping disruptions.