Hormuz shutdown sparks steep oil stock plunge as demand collapses and prices wobble

IEA flags the biggest inventory drop since Covid

A Hormuz-area shutdown tied to the Iran war is accelerating the global drawdown of oil inventories, worsening supply disruptions expected to last months. The IEA warns stocks are falling at a pace not seen since the Covid period, while demand is plunging and oil prices face sustained pressure. Some early signs hint the drawdown may start easing, but tightness could persist into October.