Brent Slides Below $93 as Hormuz Transits Rise, EIA Warns of 2003-Low Stocks

Brent eased below $93 after a U.S. official confirmed Hormuz transits are climbing meaningfully, eroding the war-risk premium that briefly lifted prices toward $98-$114. The apparent calm masks acute structural stress: the EIA projects OECD inventories will fall to just under 2.3 billion barrels by December—the lowest since 2003—with full Hormuz normalization not expected until early 2027. China’s imports have collapsed to 7.8 million bpd, a nine-year low, while OPEC+’s modest July hike and government stockpiling are embedding a durable price floor even as physical buffers approach critical lows.