May 3, 2026, 5:11 PM EDT. Oil inventories among leading consumers are rapidly depleting amid a prolonged blockade of the Strait of Hormuz following U.S.-Israel actions against Iran. Analysts warn OECD countries' stocks could hit 'operational minimums' by late May, triggering sharp price rises. Meanwhile, Iran faces the opposite challenge, as its crude storage nears capacity due to export bottlenecks from the U.S. naval blockade. Tehran is reducing output and deploying old tankers as floating storage to delay 'tank tops' that would force drastic cuts risking oilfield damage. Prices have yet to breach worst-case scenarios, with Brent around $108 and WTI near $102 per barrel. Regional exporters like Saudi Arabia and the UAE are diverting shipments to offset shortages, while major economies coordinate strategic reserve releases. However, continued inventory draws and constrained U.S. production suggest persistent market strain is imminent.