Trump: Hormuz may end soon; fuel stocks hit 20‑yr low — SkimNews
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- Trump told the New York Post he is unsure if the Hormuz blockade will last until Labor Day, thinks it unlikely and expects a quick resolution.
- Iran launched drone and missile attacks on Kuwait’s international airport, killing one and injuring dozens, after U.S. forces fired a Hellfire missile at a Botswana‑flagged oil tanker heading to an Iranian port.
- Patrick De Haan warned that U.S. distillate inventories could fall below 100 million barrels for the first time in over 20 years, making a sharp oil price increase likely if the strait stays closed.
- Ryan Cooper argued that traditional price‑control measures like releasing petroleum reserves will soon be ineffective as storage dwindles, potentially pushing oil prices above $150 per barrel.
- U.S. petroleum supplies have been rapidly drained since the war began and are approaching their lowest level in two decades, according to the article.
Why it matters: The combination of dwindling U.S. fuel stocks and Iran’s retaliatory strikes threatens a steep oil price jump, hurting consumers, transport firms, and plastics manufacturers while boosting profits for oil producers and potentially reshaping global trade costs and freight rates for shipping companies.
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