Prices are only going one way ⬆️18 May 2026 09:10
Oil Shortage Scenario Looms Large
By Irina Slav - May 17, 2026, 6:00 PM CDT
Global oil markets are tightening rapidly as the blocked Strait of Hormuz has already removed hundreds of millions of barrels from supply, with losses potentially reaching 1 billion barrels by month-end.
The IEA now expects global oil supply to fall sharply in 2026 while demand remains relatively resilient, raising fears that inventories could soon hit critical stress levels.
Analysts and industry leaders warn that strategic reserves are being depleted faster than expected, meaning the crisis could evolve from a crude shortage into a full-blown global fuel and refining crisis if Hormuz does not reopen soon.