Khaberni - Reuters said that oil supply shortages are expected to increase in the coming weeks even if the United States and Iran reach a peace agreement to end the war.
Reuters added that the oil supply shortages will continue in the coming weeks because the resumption of shipments from Gulf countries and their arrival at refineries around the world will take weeks.
It pointed out that oil companies will continue to deplete their stocks to meet the peak summer demand.
The world is using temporary reserves from commercial inventories, oil in transit and stored at sea, and emergency reserves, to mitigate the effects of the war in the Middle East.
The rapid depletion of commercial stocks and emergency reserves comes at a time when inventories typically accumulate as refineries and retailers prepare for peak demand during the summer in the Northern Hemisphere.
According to "Reuters," the global energy system will soon enter the peak demand season in a weakened state that does not allow it to cope with the sharp increase in consumption resulting from summer driving, aviation, agriculture, and shipping.
Officials and analysts confirm that this will put pressure on the global energy system and prolong the period it will take for oil producers and refineries to alleviate the severity of the supply shortage and return fuel prices to pre-war levels.
The full impact of the oil supply disruption on the markets and the global economy has not yet manifested, as officials from major energy companies, investment banks, and analysts say that it will take several months before Middle Eastern production and exports return to pre-war levels.
- Decline in US oil inventories
This, and the US oil inventories recorded a new decline by 2.3 million barrels to reach 457.2 million barrels according to data shown by the US Energy Information Administration.
Reuters mentioned that gasoline inventories also recorded a drop of about 2.5 million barrels, remaining 4% below their average historical level, despite an increase in ready gasoline inventories against a decline in blending components.
Early Thursday morning, US crude oil futures rose by about a dollar in early trading after the losses incurred the previous day, as investors assessed the prospects for reaching a peace agreement in the Middle East.
US West Texas Intermediate crude futures rose 80 cents, or 0.8 percent, to $95.88 a barrel by 22:23 GMT, after reaching $96.33 earlier in the session.
- Decline in refinery activity and imports
Also, crude oil refinery inputs in the United States dropped to an average of 6.1 million barrels per day for the week ending on May 1, 2026, a decrease of 42,000 barrels per day from the previous week, while the operation rate of refineries reached 90.1% of their operational capacity.
Gasoline production also decreased to 9.6 million barrels per day, while US imports of crude oil dropped to 5.5 million barrels per day, totaling 273,000 barrels per day on a weekly basis.
Overall, commercial petroleum product inventories fell by 5.9 million barrels during the week.
- Oil prices
Concurrently, oil prices dropped to their lowest level in two weeks yesterday, Wednesday, after a Pakistani source reported that the United States and Iran are nearing an initial agreement to end the war.
Brent crude futures fell by $6.67, or 6.07%, to reach $103.20 a barrel after earlier falling below $100 for the first time since April 22 last year.
Sources revealed to the US site "Axios" that Washington and Tehran are nearing an agreement on a one-page memorandum of understanding after a stalemate in negotiations between them to end the war in the Middle East, which has had wide-ranging effects on global energy supplies and prices.
