FacebookTwitterEmailLinkedin More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a remarkable speed, according to the International Energy Agency (IEA). As explained in the May oil market report from IEA, benchmark oil prices have posted wild swings in response to conflicting signals on whether the United States and Iran will soon reach a deal to end the conflict, with North Sea Dated plunging from a high of $144/bbl to below $100/bbl before rebounding again. RelatedNews IMO MSC 111 convenes amid maritime security tensions and push to finalize MASS Code Iraq and Pakistan strike deal with Iran to move oil and gas through Hormuz var jnews_module_21372701_0_6a0595bf1b1fc = {"header_icon":"","first_title":"Related","second_title":"News","url":"","header_type":"heading_8","header_background":"","header_secondary_background":"","header_text_color":"","header_line_color":"","header_accent_color":"","header_filter_category":"","header_filter_author":"","header_filter_tag":"","header_filter_cpt_post_tag":"","header_filter_cpt_tribe_events_cat":"","header_filter_cpt_web_story_category":"","header_filter_cpt_web_story_tag":"","header_filter_text":"All","sticky_post":false,"sticky_post_filter":false,"post_type":"post","content_type":"all","sponsor":false,"number_post":"2","post_offset":0,"unique_content":"unique1","include_post":"","included_only":false,"exclude_post":"21372701","include_category":"","exclude_category":"","include_author":"","include_tag":"1783,4346,1763,3666,2647,1582","exclude_tag":"","exclude_visited_post":false,"post_tag":"","tribe_events_cat":"","web_story_category":"","web_story_tag":"","sort_by":"latest","show_date":"","date_format":"default","date_format_custom":"Y\/m\/d","pagination_mode":"disable","pagination_nextprev_showtext":"","pagination_number_post":"2","pagination_scroll_limit":0,"ads_type":"disable","ads_position":1,"ads_random":"","ads_image":"","