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

U.S. crude oil supplies have hit a 45-year low due to ongoing tensions with Iran, according to data from Bank of America Global Research.

The Strategic Petroleum Reserve has not been this low since 1983, leaving the country with only 43 days' worth of supply, as reported by the Associated Press.

To combat rising energy costs caused by the closure of the Strait of Hormuz, President Trump's administration is releasing oil from these reserves. Since June, approximately 108.6 million barrels have been released to date, out of a target of 172 million barrels over 120 days.

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