World rapidly burns through oil stockpiles with no end in sight to Hormuz deadlock

Pressure is mounting to reopen the Strait of Hormuz as the International Energy Agency (IEA) warns that global oil stockpiles are dwindling rapidly.

President Donald Trump is insisting that the United States still has control over the Strait of Hormuz, but shipping data doesn’t back that up as vessel traffic through the critical waterway remains stalled.

Both the US and Iran have yet to reach a deal to reopen the strait.

Here’s what to know:

CNN’s Piper Hudspeth Blackburn, Hanna Ziady, Catherine Nicholls and Kevin Liptak contributed to this report.

A satellite view of the Strait of Hormuz, a strategic waterway between Iran and Oman that links the Persian Gulf to the Arabian Sea.

Nearly half a year into the US-Iran war, global oil stockpiles are rapidly diminishing as traffic through the Strait of Hormuz remains effectively stalled and the two powers at the center of the hostilities argue about who controls the critical waterway.

US President Donald Trump has repeatedly insisted that the strait – through which oil flows from countries like Saudi Arabia and Iraq to the rest of the world – is under US control.

“They don’t have control. We have total control. We own it, and at some point, maybe they’ll do something, and then they get blown away,” Trump told reporters on Wednesday. “Right now, we’re in a very good position.” And earlier Wednesday, he claimed the US Navy had swept the strait for mines.

But Iran says it won’t reopen the strait fully until the US meets its conditions.

The reality is far more complicated than Trump’s proclamation of control, experts say – with ships fearing for their safety amid attacks on vessels in the strait, and the ever-looming threat of US-Iran strikes resuming.

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Tehran is demanding compensation for pollution in waters in the Persian Gulf and surrounding areas over recent decades, Iran’s foreign ministry spokesperson Esmaeil Baqaei said.

On Wednesday, a thick oil slick washed up on a beach around Iran’s Qeshm Island near the Strait of Hormuz, according to video geolocated by CNN.

“Who bears responsibility for compensating these damages? Is it the nations that consume the inexpensive energy exported from our region, the shipping insurers, or the aggressors and their partners who have transformed the Persian Gulf and the Sea of Oman into a theater for military operations and the testing of highly destructive weaponry?” he added.

Separately, Oman’s Environment Authority is warning that an oil spill from a sanctioned tanker carrying Russian crude has now reached some beaches in Ras Madrakah in the southeast of the country.

CNN has previously reported on the potentially devastating environmental impacts of oil spills around the Strait of Hormuz and Persian Gulf.

CNN’s June Jeong and Ivana Kottasová contributed to this report.

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, on June 16, 2026.

As conflict in the Middle East continues to simmer, Oman is facing a new threat related to oil: its Environment Authority is warning that an oil spill from a sanctioned tanker carrying Russian crude has now reached some beaches in Ras Madrakah in the southeast of the country.

Oman said it deployed specialized teams to monitor the spill and attempt to limit its spread and potential effects. But they’ll try to do this while also facing threats from the war and the shipping blockade just hundreds of miles away in the Strait of Hormuz.

The agency said in a statement that a coastal strip of as much as 40 kilometers (about 25 miles) in length is impacted around Ras Madrakah, and that the spill is expected to reach the southern beaches of Masirah Island in the coming hours.

The island is home to rich coastal ecosystems and serves as a nesting place for several species of sea turtles. Environmental agencies have warned the spill could amount to a disaster if it continues to widen.

According to Reuters, the tanker Caroline Bezengi was carrying estimated 800,000 barrels of Russian oil when it ran aground on June 30. The vessel has been sanctioned by multiple countries as part of the crackdown on the shadow fleet of tankers used by Russia to circumvent sanctions and transport and sell oil around the world.

Vessels in the Strait of Hormuz are visible near the beach of Bandar Abbas, Iran, on May 22, 2026.

The Strait of Hormuz has been a crucial bargaining chip throughout the US-Israeli war with Iran. It’s been effectively closed by Tehran since the fighting began in late February, despite US President Donald Trump’s repeated insistence that it is open and in Washington’s control.

The International Energy Agency warned Wednesday that the reopening of the vital waterway is becoming more pressing, as the world burns through its oil stockpiles at a rapid pace. US officials are also forecasting higher oil and gas prices as traffic through the strait remains low.

Here’s what to know about the vital waterway:

Energy analysts have warned that oil and natural gas prices are likely to remain elevated until the strait is passable, even as Saudi Arabia and the United Arab Emirates seek to expand other routes to get their crude to market.

An Iranian flag flies near the White House, as Iranian Americans participate in a candlelight vigil on January 16, 2026 in Washington, DC. The vigil was held for the Iranians who died during the latest protests in Iran. Demonstrations began following the deadly government crackdown of protestors inside Iran. (Photo by Tom Brenner/Getty Images)

A group of 32 nations — including 29 European countries, as well as Canada, Australia and New Zealand — issued a joint statement on Wednesday condemning Iran’s use of the death penalty against protesters.

“The people of Iran must be free to exercise their rights to freedom of expression and peaceful assembly without fear,” according to the joint statement shared from the German Foreign Office.

Executions and death sentences have continued at a high rate in the country since the US-Israeli war with Iran.

At least 56 people were executed on national security-related charges since March 19, including 27 people linked to widespread anti-regime protests earlier this year, UN High Commissioner for Human Rights Volker Türk said last week. Abdorrahman Boroumand Center, an Iranian human rights group, said the execution toll since the start of 2026 stands at 916 — with 15 in August so far alone.

Back in April, the European External Action Service, the European Union’s diplomatic service that carries out the EU’s security and foreign policy, described the rate of executions as “appalling” and urged Iranian authorities to release those arrested for protesting.