Reserves that prevented 'full-blown' oil shock running low, IMF says
The IMF reported oil reserves have been depleted, reducing the global economy's ability to withstand rising fuel prices as the US-Iran conflict resumes. Following the closure of the Strait of Hormuz, oil prices surged over 10 percent, with reserves estimated at 1.2 billion barrels, half of pre-conflict levels. Further disruptions could sharply elevate prices by early 2027.
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Published 15 Jul 2026, 10:00 UTC · Updated 15 Jul 2026, 10:10 UTC
Summary by OZbrief Editorial. Original report: ABC News – Australia. Editorial policy · Corrections
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