The United States' strategic petroleum reserve has fallen below 300 million barrels for the first time in over four decades, as global oil stockpiles face pressure from the impact of the Iran conflict. Data released by the U.S. Department of Energy on Monday shows a weekly decline of 6.1 million barrels in the strategic reserve, bringing inventories to 298.7 million barrels. This marks the lowest level since January 1983.

In March, Iran's blockade of oil exports through the Strait of Hormuz triggered the largest crude supply disruption in history. These events prompted President Trump to order the release of 172 million barrels of strategic reserve crude oil. This release is part of a coordinated intervention by member countries of the International Energy Agency, which collectively distributed 400 million barrels of oil to stabilize global markets. Prior to the U.S. and Israeli strikes on Iran on February 28, the American strategic petroleum reserve held approximately 415 million barrels.

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