Oil executives are raising alarms about rapidly depleting commercial and strategic inventories worldwide. Chevron CEO Mike Wirth and Exxon Mobil executive Neil Chapman both warn that stockpiles are approaching dangerously low levels after more than 15 weeks of heavy drawdowns.

President Trump's deal to reopen the Strait of Hormuz could eventually restore flows, but executives caution that rebuilding inventories will take months. The bottleneck has trapped millions of barrels of crude, forcing countries to tap reserves to meet demand.

Wil VanLoh of Quantum Capital Group predicts worsening conditions, noting the global market has never faced the destruction of 10 million barrels per day in oil demand. Without significant new supply reaching markets soon, energy prices will likely surge as the inventory crisis deepens.

These warnings come as the oil industry faces its most severe supply disruption in recent memory, with strategic reserves serving as the only buffer against a potential price spike that could reshape global energy markets.