**Oil Inventories Near Operational Floor**

Global oil inventories are projected to hit their **operational floor of 6.8 billion barrels this month** if the **Strait of Hormuz** remains shut, according to JPMorgan.

Below that level, pipelines cannot maintain pressure and refineries start failing, regardless of the oil price. It would be the first time in recorded history that **physical oil availability**, not just price, becomes the concern.

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