[Institution: The Iran War is Depleting Global Oil Buffer Stocks at an Unprecedented Rate] Golden Finance reported on May 9 that as the Iran war disrupts oil transportation in the Persian Gulf, global oil inventories are being depleted at a record pace, eroding the buffer stocks originally intended to guard against supply shocks. The rapid depletion of inventories signifies an increasing risk of more extreme price surges and supply shortages. With the Strait of Hormuz nearing two months of closure, governments and industries have fewer options to cope with the impact of over 1 billion barrels of supply losses. The sharp decline in inventories also implies that even after the conflict ends, the market will remain vulnerable to future supply disruptions for an extended period. Morgan Stanley estimates that between March 1 and April 25, global oil inventories decreased by an average of approximately 4.8 million barrels per day, far exceeding the previous peak of quarterly inventory reductions compiled by the International Energy Agency. Crude oil accounted for nearly 60% of the reduction, with the remainder being refined products. The key issue is that the oil system also requires a minimum inventory level to be maintained. Natasha Kaneva, head of global commodities research at JPMorgan, stated that this means the safety stock that cannot be touched will be reached before inventories truly hit rock bottom.