Morning update

Good morning Middle East Eye readers,

Saudi Aramco's CEO Amin Nasser has warned that global oil stockpiles are alarmingly low. The ongoing conflict has reduced oil supplies from the region by nearly 3 billion barrels, with over 1 billion barrels released from reserves to combat the decrease. Nasser estimates that only less than 6 billion barrels of commercial inventories remain today, most of which are not readily accessible.

A US Navy helicopter, a Sikorsky MH-60R Seahawk, has gone missing, as it declared an emergency near Yanbu on Saudi Arabia's western coast. Disruptions in the Strait of Hormuz could trigger a global food security crisis, according to International Chamber of Commerce Secretary General John Denton. He warned that if the crucial waterway remains closed, grain prices could surge by up to 80 percent. The strait has also caused a significant shortfall in fertiliser supplies, down nearly 40 percent.

During a rally in Grand Island, Nebraska, US President Donald Trump dismissed concerns about high gas prices, stating it's a "small price to pay" for maintaining national and global security. The UK has threatened to expel 27 Israeli diplomats from the Israeli embassy in London unless Israel reverses its decision to close the British Consulate General in East Jerusalem.

Israeli Foreign Minister Gideon Saar announced the closure of the consulate last month, retaliating against Britain's ban on trade with Israeli settlements.