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Global oil reserves see massive reduction amid Strait of Hormuz disruptions; threaten future price surges – International Energy Agency

Paris, May 13 (UNI) Global oil reserves are shrinking rapidly due to the disruptions caused by the ongoing US-Israel war against Iran, as well as posing the threat of further oil price surges in the near future, the International Energy Agency (IEA) has warned.
"The world is drawing oil inventories at a record pace as importing countries confront unprecedented disruptions to Middle Eastern supply," the IEA said in its monthly oil market report released today.
"Rapidly shrinking buffers amid continued disruptions, may herald future price spikes ahead," reports CNN.
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U S military command restores Pacific Command name, citing historical legacy

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US intelligence warns Iran retains ability to disrupt Strait of Hormuz despite deal

16 Jun 2026 | 9:56 PM

Washington, Jun 16 (UNI) Recent US intelligence assessments conclude that Iran has developed the ability to effectively shut access to the Strait of Hormuz whenever it chooses, giving Tehran a powerful tool to pressure the global economy even as it moves toward a new agreement with Washington, according to sources familiar with the appraisals.

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Trump says negotiations with Iran could finalise sooner than outlined in 60-day timeline

16 Jun 2026 | 9:07 PM

Évian-les-Bains, Jun 16 (UNI) US President Donald Trump said on Tuesday that negotiations with Iran could conclude sooner than the 60-day timetable outlined in the jointly agreed on memorandum of understanding due to be formally signed on Friday, though acknowledging that the process would likely take longer.

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Vance expresses confidence that Israel will support US-Iran agreement ahead of Friday signing

16 Jun 2026 | 8:59 PM

Washington, Jun 16 (UNI) US Vice President JD Vance said he believes Israel will eventually support the emerging agreement between Washington and Tehran, as both sides prepare for a new round of negotiations following the formal signing of a memorandum of understanding later this week.

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