Crude Oil Supplies Hit 45-Year Low Amid Ongoing Tensions

US crude oil supplies have hit a 45-year low due to ongoing tensions in the Strait of Hormuz, according to data from Bank of America Global Research. This marks the lowest level since 1983, leaving the country with only 43 days' worth of crude oil supply.

The Trump administration has been releasing oil from the Strategic Petroleum Reserve to combat rising energy costs. In response to the crisis, President Trump committed to a domestic drawdown of 172 million barrels over a 120-day delivery window.

So far, roughly 108.6 million barrels of crude oil have been released, with current inventory levels sitting at approximately 304.8 million barrels. However, despite this release, crude oil prices surged nearly 5 percent on July 8, settling at $78.02 a barrel for Brent crude.

Several countries, including South Korea and China, have implemented emergency energy rationing policies to cope with the fallout. Meanwhile, President Trump has urged American companies like ExxonMobil and Chevron to decrease prices at the pump, claiming they are 'making too much money.'