The world is quickly depleting its stores of oil, putting more pressure on President Trump to reach a deal with Iran that would quickly get more fuel flowing out of the Persian Gulf.
Vast stockpiles of oil, gasoline and other fuels have helped fill the hole in global energy supplies created by the U.S.-Israeli war with Iran. But those reserves, which companies and governments stash in giant steel storage tanks and underground salt caverns, are running low in some places. This week, U.S. government stockpiles were poised to hit their lowest levels since 1983.
That ominous milestone was overshadowed by Mr. Trump’s announcement on Thursday that the United States and Iran were close to striking a peace deal. His statements sent international oil prices below $90 a barrel, well above prewar prices but nowhere near the highs hit earlier in the war.
Still, it is far from clear what a truce might entail. Unless the supply of oil and fuels improves — and quickly — consumers around the world may face much higher energy costs.
There is little consensus about when or where this may come to a head, but energy experts broadly agree that until more oil is able to flow through the Strait of Hormuz, the narrow waterway on Iran’s southern coast, the market will remain worrisomely fragile.
“Soon enough, we’ll run out of shock absorbers,” said Antoine Halff, a co-founder of the research firm Kayrros and a former chief oil analyst at the International Energy Agency.
