Strait Closure Sparks Fuel Crisis as Oil Reserves Reach Breaking Point

A prolonged closure of the Strait of Hormuz has led to a fuel crisis, say American oil executives. For over six months, commercial fuel stocks have been depleting, and strategic crude reserves can't be tapped much further.

Last week's attacks shut down a crucial pipeline in Saudi Arabia that bypassed the Strait, stranding at least 2.5 million barrels a day from an already tight global oil market, analysts estimate.

'All these mechanisms helped to mitigate the price and supply risk,' Chevron Chief Executive Mike Wirth said, implying that previous measures were effective but are now exhausted.