US Oil Reserves Plummet Amid Iran Conflict

The United States' Strategic Petroleum Reserve (SPR) has hit its lowest level since November 1982, at 289.7 million barrels, due to ongoing conflict in Iran disrupting global oil supply chains.

Market activity suggests a tightening supply, potentially leading to higher crude prices as Brent crude prices are already in the high-$80s to low-$90s range and West Texas Intermediate (WTI) is in the low-to-mid-$80s.

The weekly draw of 3.7 million barrels highlights the dwindling cushion available for the U.S. to manage supply disruptions, which may be influenced by key actors such as OPEC and the International Energy Agency, or by potential geopolitical developments in the Middle East.