Commodities
US Crude Oil Supplies Plummet to 45-Year Low Amid Iran Tensions
The United States has only 43 days of an emergency buffer of crude oil left, marking a 45-year low. This is according to Bank of America Global Research Data, compiled by Bloomberg.
The US has been waging war against Iran, causing global markets to become increasingly volatile. The Strait of Hormuz, which handles about 20% of the world's oil supply, has seen disruptions in recent months, fueling concerns over potential shortages.
Oil prices have surged due to these geopolitical tensions, with Brent crude reaching $90 per barrel and US West Texas Intermediate crude standing at around $84.48 per barrel. The market is particularly sensitive to developments related to the Iran war, which has caused significant uncertainty in global oil supplies.