The battle over the Hormuz chokepoint comes as the oil market appears to be one month away from a potential “tipping point.” Without a resolution, traders warn that global crude and refined-product stockpiles could be drawn down to dangerous levels, creating dire conditions for another violent leg higher in fuel prices that could spark economic chaos.

“We are going to start to see some import-dependent countries potentially start to face critical shortages as we get into the June-July time frame,” at which point the dreaded “demand destruction” kicks in

Helima Croft, head of global commodity strategy at RBC Capital Markets, warned, “We may be on the cusp of a sentiment shift as people are starting to realize that the US messaging may not represent reality.” She noted that a continued Hormuz disruption this month could push Brent towards $140.

https://www.zerohedge.com/energy/trumps-project-freedom-likely-triggered-oil-markets-one-month-countdown-chaos