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Morgan Stanley estimates that between March 1st and April 25th, global oil inventories decreased by an average of about 4.8 million barrels per day, with crude oil accounting for nearly 60% of the decrease. The Iran War has hindered oil transportation in the Persian Gulf, causing global oil inventories to deplete at a record pace and eroding buffer stocks. The Strait of Hormuz is close to closure for two months, and countries have limited options to deal with over 1 billion barrels of supply losses. Natasha Kanova, head of global commodity research at JPMorgan, said that inventory levels will reach safety stock levels before bottoming out, and even if the conflict ends, the market is still vulnerable to future supply disruptions.