Depleted Global Oil Stocks Raise Floor Under Prices Amid Iran War

Global oil inventories have been drawn down to minimal levels as the Iran war enters its eighth month, leaving the market with little buffer against supply shocks. Industry executives note that despite estimates of Middle East supply recovering to pre-war levels, fundamentals indicate tighter conditions, raising the floor under oil prices with each re-escalation. The key uncertainty is the pace of stock rebuilding and the trajectory of demand, which will determine how high the floor sits.