Morgan Stanley said global oil inventories fell by about 4.8 million barrels per day between March 1 and April 25, reflecting severe supply disruption during a period when Hormuz was near closure for almost two months. The new report adds that more than 1 billion barrels of supply losses are limiting the market’s ability to absorb further disruption. JPMorgan also warned that usable safety stocks may be reached before inventories are exhausted, underscoring that the effective buffer available to the oil market could shrink faster than headline inventory levels suggest.