A pumpjack stands idle, in Huntington Beach, Calif., on April 23, 2026. Mario Tama/Getty Images
Global oil reserves plunged at a record rate in April, as the ongoing Iran war and ensuing closure of the Strait of Hormuz strained supplies, according to estimates by S&P Global Energy reported on May 6.
Stockpiles of crude fell by nearly 200 million barrels, or 6.6 million barrels per day, even as higher prices triggered a collapse in demand of about 5 million barrels per day, marking the sharpest ever fall outside of the COVID-19 pandemic, according to estimates by the commodities giant that were published by Hellenic Shipping News.
