Are global oil reserves sufficient to withstand renewed US-Iran war?

What happened: Brent crude rose more than $2 to $110.85 a barrel as tanker attacks near the Strait of Hormuz mounted and efforts to end the US-Israel war on Iran remained deadlocked. Key numbers: Brent at $110.85 a barrel, near a five-month peak. IEA members agreed on March 11 to release 400 million barrels. Why it matters: Analysts estimate a full Hormuz closure plus a Houthi blockade of Bab al-Mandeb could cut Middle Eastern crude exports by about 9.3 million barrels a day, and reserves could last only weeks at that pace.

Brent crude rose more than $2 to $110.85 a barrel as tanker attacks near the Strait of Hormuz mounted and efforts to end the US-Israel war on Iran remained deadlocked.

Analysts estimate a full Hormuz closure plus a Houthi blockade of Bab al-Mandeb could cut Middle Eastern crude exports by about 9.3 million barrels a day, and reserves could last only weeks at that pace.