Global Oil Stocks Plunge 4M Barrels Daily as Strait of Hormuz Blockage Persists

The latest report from the International Energy Agency (IEA) has outlined a critical situation for global energy markets, revealing that oil stockpiles are being drained at a speed never seen before. According to official data, approximately 4 million barrels of oil per day were drawn from reserve supplies during the month of April. This massive withdrawal is a direct consequence of the ongoing conflict in Iran, which has choked flows through the Strait of Hormuz, a vital…