US Crude Oil Reserves Plummet Amid Middle East Tensions

US commercial crude oil inventories plummeted by 7.2 million barrels last week, as tensions in West Asia escalated and disrupted oil supplies.

The sharp decline comes amidst increased production of gasoline, diesel, and jet fuel, alongside rising prices and growing US energy exports to Asian and European markets.

The drawdown on reserves has pushed US crude oil and gasoline reserves below expected thresholds, potentially limiting the country's ability to serve as a major supplier in oil-dependent markets.

Since April 1st, total US commercial and strategic crude oil reserves have fallen by about 20 percent, with the US accounting for nearly 70 percent of the global drawdown over the past four months.