US Oil Reserves Plummet to Lowest Level Since 1982 Amid Ongoing Iran Conflict

The US oil reserves have dropped to their lowest level in over four decades. The latest report from the U.S. Energy Information Administration shows there are 289.7 million barrels left as of August 21, down from a high of 415.4 million barrels before the Iran war began.

The reduction is largely due to the ongoing conflict with Iran, which has triggered the largest oil supply disruption in recent history. The shutdown of the Strait of Hormuz, through which a fifth of the world's oil and liquid fuels pass, has severely impacted global oil supplies.

The US government has released 125.7 million barrels from its emergency stockpile since the start of the war with Iran, with the largest release occurring in March when President Donald Trump authorized the release of 172 million barrels over 120 days as part of an international effort to lower energy prices.