Commodities
US Oil Reserves Depleted Amid Ongoing Conflict with Iran
The US Strategic Petroleum Reserve (SPR) has been depleted over the last five years, and its potency is waning as the conflict between the US and Israel with Iran continues. This may make it harder for Washington to calm jittery oil markets.
According to Reuters, six months into the war, the US may struggle to stabilize oil prices due to the drained SPR. The reserve was depleted over the past five years under previous administrations, including that of Donald Trump, who announced a deal giving the US greater control over Venezuela's oil reserves in 2026.
The situation has raised concerns about the availability of emergency crude supplies and the potential impact on global oil markets.