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

The US Strategic Petroleum Reserve has reached a 45-year low, with the country now holding only 43 days' worth of crude oil supplies.

This is according to Bank of America Global Research data, which shows that the reserve's level is at its lowest since 1983.

The decline in reserves is attributed to the ongoing conflict between the US and Iran, which has effectively shut down the Strait of Hormuz, a critical waterway for oil transport. The US has released 108.6 million barrels of crude oil from the reserve so far as part of a domestic drawdown ordered by President Trump.

The president had warned in June that relying on strategic reserves could lead to 'bedlam' if supplies run out, and yet he has urged American companies like ExxonMobil and Chevron to decrease prices at the pump despite their significant profits from drilling efforts.