Global Oil Inventories Shrink by 4.8 Million Barrels, Reaching Lowest Level Since 2018

Global oil inventories are reported to have experienced a sharp decline amid the raging US-Israel war against Iran. According to a Bloomberg report cited by Middle East Eye on Saturday (9/5/2026), the conflict has hampered crude oil flows from the Gulf region following the closure of the Strait of Hormuz. Data shows that global oil reserves shrank by around 4.8 million barrels per day during the period from 1 March to 25 April. This decline has driven global reserves to their lowest level since 2018. Several energy executives told Bloomberg that this downward trend is likely to continue in the short term as long as supply disruptions persist. They added that even if the Strait of Hormuz is reopened, production and shipments across the Gulf are not expected to recover quickly. This situation is forcing major fuel-consuming countries to rely more heavily on their strategic reserves. The drastic depletion of global reserves is feared to trigger a highly unstable market situation, even after the Middle East conflict ends.