Iran-US war latest: Oil stockpiles ‘rapidly depleting’ despite Trump claiming ‘total control’ of Strait of HormuzA global energy watchdog has warned in a new report that oil stockpiles are “rapidly depleting”, as it urged for a deal to reopen the Strait of Hormuz. The report states that global oil supply is forecast to fall by 4.3 million barrels per day (mb/d) in 2026 to around 102 mb/d. It comes despite Donald Trump’s unfounded claim that US forces “totally control the Strait of Hormuz.” The number of vessels passing through the Strait of Hormuz dropped to a one-week low of eight on Tuesday, according to the latest shipping data. The six-month-old conflict showed no signs of ending soon, despite repeated claims by President Trump that a deal was imminent.