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

US crude oil supplies have reached their lowest level in 45 years due to ongoing tensions with Iran. According to Bank of America Global Research Data, compiled by Bloomberg, the US has only 43 days' worth of crude oil supply left, compared to a long-term average of about 65 days.

This decline is particularly concerning as markets fear tightening crude supplies in the event of further disruptions to the Strait of Hormuz. The strait is responsible for carrying around 20% of the world's oil supply, and any closure or significant disruption could have severe consequences on global energy markets.

Oil prices have been sensitive to geopolitical developments, with Brent crude jumping over 2% and clearing the $90-per-barrel mark in early Asian trading. The US West Texas Intermediate crude price stood at about $84.48 per barrel, a 2.4% rise since June 12.