How much oil-market buffer is left?

Since February 2026, the Strait of Hormuz and the Red Sea have closed to oil shipping, cutting about 20% of global supply. The U.S. Strategic Petroleum Reserve fell to 285.4 million barrels, its lowest level since 1982, while Brent crude rose to $105.68, U.S. diesel hit $6.27, gasoline reached $4.33, and European natural-gas prices (TTF) climbed to $27.80/MMBtu with Asian LNG (JKM) near $28.50/MMBtu.