IRAN’S STANDOFF COULD PUSH OIL MARKETS TO THE EDGE Global oil inventories are falling toward 10-year lows, increasing the risk of sharp price swings and supply disruptions, according to UBS. The bank estimates global stockpiles dropped from 8.2 billion barrels in February to around 7.8 billion by April, and could hit near-record lows of 7.6 billion barrels by the end of May. UBS said temporary relief from weaker demand, strategic reserve releases, and sanctions waivers on Iranian and Russian oil is fading fast, leaving global supply buffers “largely exhausted.” The bank warned that if the Strait of Hormuz remains closed, panic buying and extreme oil volatility could follow. UBS also suggested the prolonged pressure may benefit Iran, as tighter oil markets increase economic pressure on the Trump administration to reach a deal and reopen the key shipping route.(*Walter Bloomberg)