The world’s strategic oil reserves are running out fast
Jun 11th 2026|5 min read
MORE THAN 100 days into the third Gulf war, oil markets have shielded themselves against bad news on the battlefield. On June 8th, after renewed strikes between Iran and Israel threatened a shaky two-month ceasefire, the price of Brent crude, the international benchmark, rose by just 1%. Even after subsequent exchanges between America and Iran, early on June 11th it was around $93 per barrel, more than $30 below its intraday high in April.
This article appeared in the Finance & economics section of the print edition under the headline “Hoard behaviour”
From the June 13th 2026 edition
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