US Strategic Petroleum Reserve Hits 43-Year Low Amid Iran Conflict
The US Strategic Petroleum Reserve (SPR) has reached its lowest level since 1983, following the withdrawal of over 110 million barrels since late March. This action was part of an emergency response to global oil supply disruptions caused by US and Israeli military strikes on Iran. The strikes disrupted crude oil and petroleum product flows through the Strait of Hormuz, a critical chokepoint for global oil supplies. In response, the International Energy Agency (IEA) coordinated the largest emergency oil stock release in its history, with member countries collectively releasing 400 million barrels to stabilize the market. The US Department of Energy announced a release of 172 million barrels from the SPR over approximately 120 days. As of the week ending July 31, the SPR stood at approximately 304.8 million barrels, down from 415.4 million barrels in March. 
