Oil Price Shock Risk Rises as Hormuz Strait Agreement Stalls, Inventories Fall to 2024 Lows

According to Guru Club on June 7, as tanker transit agreements through the Strait of Hormuz remain unresolved, global crude inventories have fallen to critical lows, prompting analysts to warn of potential oil price shocks in coming weeks. U.S. crude stockpiles have declined for eight consecutive weeks, reaching their lowest level since February 2024. JPMorgan forecasts that unless Strait passage normalizes, oil prices could spike sharply by late June, with analysts noting a second price shock poses a real risk from depleted buffers rather than a Strait closure itself.
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