Oil Hovers Below $100 as Record Inventory Drawdown Threatens Prices
Crude prices stay near $95‑$96 per barrel despite geopolitical tension, but a historic 8.5 million‑barrel‑per‑day inventory drawdown is draining the market’s shock absorbers. Analysts warn that as Gulf shut‑ins and the Strait of Hormuz remain closed, the dwindling buffers could push oil prices sharply higher in June‑July.