Iran Conflict Pushes Oil Supplies to Crisis Point

The ongoing conflict in Iran has pushed global oil supplies to the brink of crisis. The US Strategic Petroleum Reserve (SPR) has hit a 40-year low, dropping by 6.1 million barrels to 298.7 million barrels last week.

According to data from the Department of Energy, this is the lowest level since January 1983, when the reserve was at 292.6 million barrels. The US SPR has a maximum authorized capacity of 727 million barrels, and experts warn that refilling it will take a long time with strained global oil supplies.

The Iran war has severely restricted access to the Strait of Hormuz shipping channel, which normally sees about a fifth of the world's oil supply pass through. The conflict has also damaged oil, energy, and maritime shipping infrastructure in the region, adding to uncertainty in global oil markets.