IEA warns commercial oil inventories are depleting rapidly
May 18, 2026
The Baker Hughes Rig Count had oil rigs up 5 to a total of 415. Last year at this time there were 465 oil rigs in operation.
Crude oil did extend its gains from Friday with Brent and WTI reaching highs of $112 and $108 per barrel respectively in the overnight session. Prices were pushed higher by Middle East activities seeing escalation as drone strikes hit a nuclear plant in the UAE and renewed Israel strikes on Lebanon. Saudi Arabia also had drones enter its airspace, but they were shot down. President Trump is also growing frustrated as no deal is getting done. Prices did pull back off the highs and are now sitting and waiting to see what comes next.
A Pakistani source said Pakistan has shared with the US a revised proposal from Iran to end the conflict in the Middle East, as peace talks remains stalled.
Iran’s parliament said it has prepared a mechanism to manage traffic through the Strait of Hormuz along a dedicated route that will be unveiled soon. It also said that only commercial vessels and parties cooperating with Iran would benefit from the arrangement. Fees would be collected for specialized services provided under the mechanism.
The International Energy Agency warned that commercial oil inventories are depleting rapidly, with only a few weeks of supply left.
President Trump is expected to meet with national security advisors on Tuesday to discuss potential further military actions.
President Trump over the weekend on Truth Social, had several comments. “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”