Global Oil Data Deck (July 2026)
Oil balances tightened and stockpiles continued to plunge, driven, above all, by the rapid drawdown of strategic stocks that have partially shielded commercial stocks—and prices—from the Hormuz shock.
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Overview
The global petroleum liquids market remained in steep deficit through May amidst the ongoing Hormuz stoppage; visible inventory declines accelerated, led by global strategic reserves.
Over the past couple of weeks, global oil markets have rocketed back to strength following the collapse of the US-Iran MOU ceasefire and the resumption of broader attacks against both tankers and military assets in the region. Crude has added nearly $30/bbl from its early-July lows with Brent crude threatening to break back above $100 at the time of writing.