Shrinking crude stocks signal price jumps

The International Energy Agency has warned that global oil reserves are shrinking rapidly due to supply disruptions caused by the Iranian war, threatening higher oil prices in the future. The agency stated in its report: "The world is witnessing a depletion of oil stocks at a record pace, as importing countries face unprecedented disruptions in Middle East supplies." It added that this "rapid decrease in inventories, amid continued unrest, could herald sharp price increases in the future." Global oil inventories fell by 246 million barrels between March and April to reach 7.9 billion barrels, according to the IEA.