U.S. strategic petroleum reserve is heading toward panic levels

The Strait of Hormuz remains effectively closed and the fear is it’s just a matter of time before energy markets begin to “panic” and fuel prices soar more uncontrollably, possibly in July or August, said Patrick De Haan, head of petroleum analysis at GasBuddy. “The longer this goes on the fewer tools the administration has in dealing with it and the more risk there is to a slingshot for costs,” De Haan told Fortune. The administration has drained 66 million barrels—as of June 5—and counting from the SPR since the war in Iran began, according to the U.S. Department of…