Oil prices surge amid Iran tensions and record inventory depletion. Brent crude rose 0.64% to $109.96 a barrel while U.S. West Texas Intermediate advanced 0.55% to $106 per barrel as President Trump warned Iran over stalled peace negotiations. The Strait of Hormuz closure continues to disrupt global energy flows, with the waterway normally handling nearly a fifth of world oil and gas supply. The International Energy Agency warns that global oil inventories are depleting at record pace, potentially reaching all-time lows of 7.6 billion barrels by end-May. Experts caution that rapidly shrinking buffers could trigger significant price spikes and potential supply shortages in Europe within weeks as summer driving season approaches and demand increases.
