Mike Sommers

Cushing oil hub sinks toward critical low as wartime demand drains US reserves, industry warns of price shock

Crude inventories at the Cushing hub in Oklahoma have slumped to 21.6 million barrels, only marginally above the 20-million-barrel operational minimum, as record demand driven by the Iran war empties US storage faster than producers can refill it. Two senior industry figures say a sudden price surge could hit within weeks.