Crude Build, Diesel Crunch: EIA Data Reveals US Inventory Inflection Amid Hormuz Diesel Crisis
US Inventories, Exports, Imports, and Refinery Utilization (13 Charts).
July 8, 2026
General Comment
Oil prices surged as renewed US-Iran hostilities shattered a fragile ceasefire. The United States conducted strikes on Iranian targets in retaliation for Iranian attacks on commercial tankers in the Strait of Hormuz, including a Qatari LNG carrier that crossed a key red line. President Trump declared the recent ceasefire “over” and warned of further action.Iran responded by launching missiles and drones at US-linked sites in Kuwait and Bahrain.