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

US crude oil supplies have reached a 45-year low due to the ongoing Iran conflict, which has severely impacted strategic reserves.

According to Bank of America Global Research data, the US Strategic Petroleum Reserve is at its lowest level since 1983, with only 43 days' worth of crude oil supply remaining.

The Trump administration has been releasing oil from the reserve to combat rising energy costs caused by the closure of the Strait of Hormuz, which carries up to a fifth of the world's oil transports per day.

President Trump committed to a domestic drawdown of 172 million barrels over a 120-day delivery window in response to the crisis.