US Oil Stockpile Hits 44-Year Low Amid Global Energy Crisis

The US Strategic Petroleum Reserve has reached its lowest level since 1982, with a current stockpile of 286.6 million barrels, representing about 40% of overall capacity.

The reserve shrank by more than 3 million barrels over the week ending on August 28, according to Department of Energy data.

The drawdown is attributed to the ongoing global energy shortage and the Iran war, which has led to a surge in oil prices. Global oil prices climbed above $92 a barrel on Tuesday after reports of an oil tanker being struck by projectiles off the coast of Oman.