Global Strategic Petroleum Reserves Depleted Amidst Protracted Strait of Hormuz Conflict

Strategic oil reserves among major economies have reached critical lows following six months of sustained conflict near the Strait of Hormuz. Data indicates a 16% drawdown in Q2 across ten major holders, with the U.S. and Japan reducing stocks by 22% and 29% respectively, while Iran remains the only major actor increasing its inventory. This depletion significantly reduces the global buffer against further supply shocks in the Persian Gulf.