Oil prices just surged past $90 a barrel as the Strait of Hormuz reopens amid Houthi threats and global supply chaos. After a ceasefire briefly eased tensions, demand rebounded while reserves—especially America’s strategic stash—plummeted by 100 million barrels in one month. Refined products like gas and diesel are hit hardest: inventories at historic lows, US diesel at 20-year lows, and global refining capacity down. Iran and Ukraine’s attacks on refineries, plus Russia importing diesel and China stockpiling oil, are crippling supply. With US exports halted to meet domestic needs and Middle Eastern/Russian refineries taking months to fix, this oil shock is far from over—and it’s fueling inflation worldwide.
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