JPMorgan warns global oil inventories could reach their operational floor this month if the Strait of Hormuz remains shut. Global inventories started 2026 at around 8.4 billion barrels, but only about 800 million barrels are considered readily available without putting further strain on the system. JPMorgan estimates the operational floor at 6.8 billion barrels. Below that level, the issue could shift from higher prices to physical supply constraints.
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