Oil companies and governments are consuming their once vast stockpiles as Iran and the United States continue to struggle for control over the Strait of Hormuz.

The possible reopening of the Strait of Hormuz may not prompt China to return quickly to prewar levels of oil purchases from the Persian Gulf.

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The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.

© The New York Times

The Iran war is pushing countries to prioritize domestic energy in order to protect themselves from volatile oil and natural gas markets.

The Iran war is pushing countries to prioritize domestic energy in order to protect themselves from volatile oil and natural gas markets.

© Jes Aznar for The New York Times

Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.

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