The world faces a supply loss of nearly 1.2 billion barrels of crude oil and products due to ongoing conflicts, with daily losses reaching 18.2 million barrels in May. This situation is exacerbated by a blockade on Iranian oil and a lockdown of the Strait of Hormuz, leading to critical shortages of diesel, jet fuel, and gasoline. The inventory cushion is rapidly depleting, raising concerns about future demand destruction.
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