US Strategic Petroleum Reserve Hits Historic Low Amid Iran Tensions
The US Strategic Petroleum Reserve has reached its lowest level in over four decades, falling to 286.6 million barrels after a 3.1 million-barrel drop in the past week.
This historic decline comes as tensions with Iran escalate, with crude oil prices surging by over 2% on Monday due to concerns about potential disruptions to global crude supplies.
The US Department of Energy announced the drawdown in the reserve, which is part of a plan to release approximately 172 million barrels from the reserve to address market needs and absorb supply volatility.
Analysts are raising questions about the remaining room for maneuver should geopolitical tensions persist and disrupt global crude flows through critical maritime arteries like the Strait of Hormuz.