Commodities
Iran Conflict Sends US Crude Oil Supplies Plummeting to 45-Year Low
US crude oil supplies have reached their lowest level in 45 years, according to Bank of America Global Research. The decline is linked to the ongoing conflict with Iran, which has affected the country's strategic reserves.
The US Strategic Petroleum Reserve now sits at its lowest point since 1983, providing the country with approximately 43 days of crude oil supply. This depletion comes as geopolitical tensions in the region continue to influence global oil markets.
Experts warn that this situation could lead to increased volatility and higher prices in the near term. Officials have not yet announced any immediate plans to replenish the reserves, but analysts suggest that the situation remains fluid and warrants close monitoring.