US Strategic Oil Reserves Drop to Lowest Since 1983 Amid Iran Conflict and Market Pressure

The United States' Strategic Petroleum Reserve (SPR) has fallen below 300 million barrels, reaching its lowest level since 1983. This decline comes amid heightened global oil supply pressures caused by the ongoing conflict with Iran and uncertainties surrounding a potential agreement in the Strait of Hormuz. Currently, oil prices are rising sharply, with West Texas Intermediate (WTI) crude surpassing $81 per barrel and Brent crude exceeding $86 per barrel.

According to data released by the US Department of Energy, the SPR decreased by 6.1 million barrels last week to 298.7 million barrels. In March, President Donald Trump ordered the release of 172 million barrels from the reserve to mitigate supply disruptions triggered by Iranian attacks on tankers in the Strait of Hormuz. This decision has significantly depleted the reserve, pushing it toward historic lows.

The US release is part of a coordinated effort by International Energy Agency (IEA) member countries to inject 400 million barrels into the global oil market to stabilize supply. Prior to the US and Israeli strikes on Iran on February 28, the US SPR held approximately 415 million barrels, highlighting the scale of the drawdown over recent months.