Brent is back above $90, while WTI has topped $80, as transit through the Strait of Hormuz remains far from assured. For now, strategic reserves are keeping oil prices from breaking decisively above $100 a barrel, but they are not unlimited. US strategic petroleum reserves, for example, have already fallen below 300 million barrels, their lowest level since 1983, from around 415 million barrels as of February 28. Stockpiles are also declining in Japan and China, with global oil inventories reportedly being depleted at around 6.3 million barrels per day. Thus, unless the US and Iran reach a deal that includes the unconditional reopening of the Strait of Hormuz, inflation is unlikely to ease anytime soon.