Saudi Aramco warns global fuel stocks could reach "critically low levels" before summer if the Strait of Hormuz remains closed. CEO Amin Nasser revealed onshore inventories are depleting rapidly, with 1 billion barrels lost since the Iran conflict began.

The strait closure has forced Asian nations to curb demand while western countries draw on reserves. Oil prices have swung wildly, hitting $126/barrel in April before falling toward $100/barrel as diplomatic efforts continue.

JPMorgan warns commercial inventories could approach "operational stress levels" by June. Despite market turmoil, Saudi Aramco reported increased earnings in Q1 by redirecting exports through its Red Sea port, considering expanded capacity to reduce Hormuz reliance.