Goldman Sachs reports global crude oil stockpiles are shrinking by a record 8.7 million barrels per day in May 2026. This drawdown rate is nearly double the average pace recorded since the start of the Middle East conflict.
The inventory drop follows the near-total closure of the Strait of Hormuz. Export flows through the waterway have plummeted to 5% of normal levels. This rapid erosion of global buffers continues to tighten physical energy markets.
Brent crude settled near $102.58 and WTI reached $96.35 as benchmark prices cooled slightly. Traders are currently monitoring volatile diplomatic talks between the U.S. and Iran.