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Iranian Oil Stocks Plunge; Brent Near $106 Amid Uncertainty

5/21/2026

38 7 Full Breakdown

Summary

Story summary

Iran's oil inventories fell 8.7 million barrels per day as Strait of Hormuz flows fell to 5 % of normal.
Goldman Sachs said inventories equal about 101 days of demand, the lowest in nearly eight years.
Brent traded near $106 a barrel, up 70 % YTD but below the $126 peak.
Citi warned a prolonged Iranian disruption could lift Brent to $120, worst-case $200, while a June peace deal could drop it to $80.

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Story summary

Iran's oil inventories fell 8.7 million barrels per day as Strait of Hormuz flows fell to 5 % of normal.
Goldman Sachs said inventories equal about 101 days of demand, the lowest in nearly eight years.
Brent traded near $106 a barrel, up 70 % YTD but below the $126 peak.
Citi warned a prolonged Iranian disruption could lift Brent to $120, worst-case $200, while a June peace deal could drop it to $80.