The world's crude oil inventories are plummeting due to the Hormuz Strait blockade, raising concerns about oil prices potentially reaching $140 per barrel. The depletion of strategic reserves and instability in the supply chain are exacerbating market turmoil, leading to rising gasoline prices and adjustments to airline operations. The IEA estimates that it will take 2-3 months for supply to recover even after the blockade is lifted, fueling concerns about energy security.