IEA chief warns global oil reserves down to just weeks of supply as Hormuz crisis deepens The head of the International Energy Agency (IEA) warned that commercial oil inventories have only a “few weeks” of supply left. Even though countries have released 164 million barrels from emergency reserves, those reserves are limited and “not endless.” This shortage is being driven by the closure of the Strait of Hormuz and the ongoing U.S.-Israeli war with Iran. This narrow 21-mile waterway, which normally carries 20% of the world’s oil, has been effectively closed since late February. Its shutdown has sent crude prices…
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