Global Oil Inventories Plunge Amid Shipping Disruptions and War

The world's oil inventories have dwindled by nearly 1 billion barrels since the US-Israeli war on Iran disrupted shipping through the Strait of Hormuz. Diesel stockpiles are at 35-year lows, and prices have surged to record highs, posing inflation and cost-of-living threats to governments and consumers. The International Energy Agency has released over 20 million barrels of diesel to boost supply and cool prices.