Oil stockpiles close to running on empty as Hormuz shuts again, traders warn

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The breakdown of the ceasefire between the U.S. and Iran threatens a fresh crude oil supply crunch without the inventories that helped avert a wider economic crisis earlier in the war, the Financial Times reported Wednesday.

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The warning that oil reserves are almost depleted after the US and Iran's ceasefire negotiations collapsed again due to the closure of the Strait of Hormuz, threatens to revive oil supply shortages. Without oil reserves, which prevented economic crisis during the previous war, a severe economic crisis may be triggered again.

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