Oil reserves eased Iran war price shock, but now they are 'spent', IMF says
The IMF warns that global oil reserves, which previously helped mitigate price shocks from the Strait of Hormuz closure, are now largely depleted. Experts suggest that global oil prices are likely to rise as supply buffers shrink and market volatility persists.
Why it matters
The depletion of these strategic buffers leaves the global economy highly vulnerable to further geopolitical instability in the Middle East.
The oil price has increased by more than 10 per cent since the most recent closure of the Strait of Hormuz. ( AP )
The article relies on IMF data and expert analysis to explain economic trends without taking a political stance.
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