Oil prices have been on a climb for over a week now as hostilities in the Middle East continue, and despite recent talk of a glut, the physical market is flashing signs of tightness—and higher oil for longer. Meanwhile, global oil stocks are melting like snow. In its latest Oil Market Report, the IEA said earlier this month that in June, global oil supply had rebounded sharply, by 4.1 million barrels daily, thanks to the ceasefire. Drawdowns from oil inventories continued, the IEA also reported, even though what the agency calls global observed oil inventories rose in June by 21 million barrels. Prices, meaning fuel prices, will likely do just that, because fuel supply remains tight.