'Powder keg': New fuel supply figure has top oil analyst sounding the alarm
Patrick De Haan, a renowned oil industry analyst, had a dire warning for the American public on Tuesday as the Strait of Hormuz closure continues to pressure global oil supplies."Tomorrow, U.S. distillate inventories will likely fall under 100 million barrels for the first time in over 20 years, exacerbated by high exports due to the closure of the Strait of Hormuz," he wrote in a post to X.In other words, he said, "this is a powder keg waiting to go off if a deal to reopen the Strait doesn't happen soon."The Strait of Hormuz carries around 20 percent of the world's entire global oil trade, as well as a number of other critical raw materials. It has been effectively impassible for months since the U.S. war with Iran flared up.Trump administration officials insist that the pressure on oil supplies, and with it rising gas prices, is worth the objectives they are attempting to accomplish in Iran, but both lawmakers and the voting public are not convinced, with Secretary of State Marco Rubio getting a cold reception in a hearing earlier in the day.
