US Crude Oil Supplies Plummet to 45-Year Low Amid Strait of Hormuz Tensions

The US Strategic Petroleum Reserve has hit a 45-year low due to ongoing tensions in the Strait of Hormuz, which carries about one-fifth of the world's oil transports per day. According to Bank of America Global Research data, the reserve is at its lowest level since 1983, leaving the country with only 43 days' worth of crude oil supply.

The Trump administration has been releasing oil from the reserves to combat rising energy costs sparked by the closure of the Strait of Hormuz. So far, about 108.6 million barrels have been released, while current inventory levels sit at approximately 304.8 million barrels.

In June, President Trump warned against relying on strategic reserves to keep the country afloat during war, stating 'We run out of reserves in about four weeks. We would really run out and there'll be a time when you wouldn't be able to get it. And do you want to see bedlam?' Despite this, the president has been releasing oil from the reserves, and crude oil prices have surged nearly 5 percent since July 8.