Context: Oil traders are warning that the global market is on the brink of a crisis as stockpiles of crude oil dwindle and the Strait of Hormuz, a critical waterway for oil shipments, has closed once again amid escalating tensions with Iran. The shutdown of the strait, which connects the Persian Gulf to the Gulf of Oman, has raised concerns about the supply of oil and has led traders to sound the alarm about the potential for a sharp increase in prices. This development comes as the market is already grappling with low stockpiles that had previously acted as a buffer against supply disruptions.