Top world economy officials warn of summer fuel scarcity if Hormuz remains closed

By AFP 29 May 2026, 10:51 pm

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Vessels are seen anchored in the Strait of Hormuz, off the port city of Khasab on Oman's northern Musandam Peninsula on May 17, 2026. (AFP)

WASHINGTON — The heads of the International Monetary Fund, World Bank, and International Energy Agency warn of the risks to fuel security during peak demand summer months if oil shipping through the Strait of Hormuz does not return to normal.

“Global oil inventories are being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz,” the heads of the agencies say in a joint statement. “If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand in the Northern Hemisphere would present increasing risks for fuel security, market conditions, and broader economic resilience.”