Georgi Kantchev

Global oil inventories have fallen at a record pace during the Iran war, and oil executives and analysts predict a reckoning within weeks if the Strait of Hormuz remains shut.

Georgi Kantchev An underappreciated surplus of crude oil, sloshing around storage tanks and aboard ships, cushioned the global economy when the Persian Gulf closed 2½ months ago.

The U.S. government, oil traders and private analysts are divided over how much time Tehran has before it runs out of places to stash its crude.

For Israel and the Gulf, the risk is an emboldened Iran after U.S. forces leave.

For Israel and the Gulf, the risk is an emboldened Iran after U.S. forces leave.

A U.S.-Iran deal to reopen the Strait of Hormuz holds promise but shippers remain cautious and production facilities and inventories will take time to restore.

A U.S.-Iran deal to reopen the Strait of Hormuz holds promise but shippers remain cautious and production facilities and inventories will take time to restore.

Shippers remain cautious and production facilities and inventories will take time to be restored.

Tehran is weighing whether it can weather economic hardship long enough to extract more concessions in talks with Washington.

Read this exciting story from The Wall Street Journal May 28, 2026 issue. Tehran leaders weigh how long they can wait to extract more U.S. concessions