Global energy markets face increased volatility as emergency petroleum reserves reach critical lows amid an escalating conflict in the Strait of Hormuz. Analysts warn that exhausted spare capacity and potential supply disruptions could push oil prices toward the $100-per-barrel threshold.

Renewed military conflict between the U.S. and Iran has effectively closed the Strait of Hormuz, disrupting up to 14 million barrels of daily oil shipments. The IEA warns this escalation puts projections for global energy market stabilization in jeopardy.