The world has eroded its supply buffers ​by depleting nearly 1 billion barrels of oil from global inventories since the U.S.-Israeli war on Iran disrupted shipping through the Strait of Hormuz, the chief executive of Abu Dhabi National Oil Company (ADNOC) ​said on Monday.

Diesel stockpiles in some areas ​are ⁠at 35-year lows for this time of the season, while others face an LNG supply gap of 600 billion cubic feet, Sultan Al-Jaber said at the UAE's ADIPEC conference.

Prices of diesel in many markets have surged to record highs, boosted by wartime supply disruptions and pose inflation and cost-of-living threats to governments and consumers.

"We need expanded strategic ⁠storage, ⁠larger stockpiles of products, and flexible refining capacity closer to consumer markets," Al-Jaber said.

"Infrastructure must be built before it is needed and enabled by advanced logistics."

The cost of shipping and logistics has risen to 30% of the cost of a barrel, from 5% before the Iran war, Al-Jaber said.

The international benchmark Brent is trading around $110 a barrel, up about 50% from February just before the war began.

Last ​month, the International Energy Agency (IEA) agreed to release more than ​20 million barrels of diesel to the market and any oil remaining from a record ⁠emergency ‌reserves ‌release pledged in March to boost supply ⁠and cool soaring prices.

Amin ‌Nasser, CEO of Saudi Arabia's state oil company Saudi Aramco, said ​last month that ⁠fewer than 6 billion barrels of commercial ⁠inventories remained, with the vast majority not practically available.