US Oil Reserves Plummet Amid Iran Tensions
The US Strategic Petroleum Reserve has hit its lowest level since 1982 after draining approximately 5.3 million barrels last week, according to data released by the Energy Department on Monday.
This decline is part of a larger effort by President Donald Trump's administration to lower fuel prices amid ongoing tensions with Iran and disruptions in the Middle East.
The US has committed to drawing 172 million barrels from the stockpile, which had nearly reached its full capacity of 727 million barrels in December 2009 before peaking at 726.6 million barrels.
Data from analytics firm Kpler shows that only three ships traversed the Strait of Hormuz on Sunday, a decline from five on Saturday, as the war with Iran virtually shuts down the passage and squeezes Middle Eastern energy supplies.