Oil traders are warning that global emergency reserves built up to cushion the earlier US-Iran conflict have been nearly exhausted as Strait of Hormuz shipping disruptions intensify. The International Energy Agency has released three-quarters of its planned 400 million-barrel emergency reserve, and traders report global excess inventory has dropped from 400 million barrels to near zero, leaving the market vulnerable to further price spikes if the conflict escalates. Brent crude jumped 4% to $88 in response to reports of additional US military deployment to the region. The underlying data is real—tanker crossings through Hormuz are down, stockpile releases are documented, and trader quotes are on-record—but the headline's 'running on fumes' framing emphasizes worst-case scenarios without discussing offsetting factors like increased non-Hormuz shipping through alternative routes or potential diplomatic interventions.