World oil reserves being depleted at record pace

The inventory drawdown in March and April has been around four million barrels per day, according to the IEA's monthly report.

According to the IEA, Iran and the US blockade of the Strait of Hormuz - with shipping lanes out of the Persian Gulf - have reduced global oil supply by 12.8 million barrels per day since the US and Israel began bombing Iran on February 28.

Even if the conflict were to be resolved, we believe it will take time - weeks and months - to bring the flow through the Strait of Hormuz back to normal levels, says Toril Bosoni, head of unit at the IEA.