Iran's 12-Day Storage Collapse Imminent; J.P. Morgan Flags June Oil Inventory Breaking Point, Brent $115

Iran's onshore oil storage nears depletion within 12 days amid U.S. blockade and Hormuz closure, per Kpler, threatening production cuts and reservoir damage as Brent hits $115. J.P. Morgan warns global inventories—starting 2026 at 8.4 billion barrels—face operational stress by early June after 800 million barrel export losses through April. The third-month war has idled 14.5 million bpd Middle East output, cut Asia refinery runs to 28.5 million bpd, triggered 1.8-2.0 million bpd distillate shortages, and driven demand destruction to 5.5 million bpd by May, sustaining high prices despite volatility.