US Crude Oil Supplies Plummet to 45-Year Low Amid Iran Conflict

US crude oil supplies are at their lowest level in 45 years due to the ongoing conflict with Iran. The US Strategic Petroleum Reserve has only 43 days' worth of supply, according to data from Bank of America Global Research.

The reserve's current inventory levels sit at approximately 304.8 million barrels, while 108.6 million barrels have been released to date as part of a domestic drawdown of 172 million barrels over a 120-day delivery window.

President Trump has been releasing oil from the reserves to combat rising energy costs sparked by the closure of the Strait of Hormuz, which carries up to a fifth of the world's oil transports per day. The strait has been effectively shut off to commercial traffic for five months, causing global energy markets and crude oil prices to fluctuate.

Crude oil prices surged nearly 5 percent on July 8, with Brent crude rising 5.2 percent to $78.02 a barrel and West Texas Intermediate (WTI) crude climbing 4.4 percent to $73.52 a barrel.