US oil reserve slides to 40-year low amid Iran-driven supply shake

The U.S. Strategic Petroleum Reserve has fallen to 340.3 million barrels (the lowest since 1983) as emergency releases cushion an Iran-related supply disruption. Inventories are at historic lows and are expected to keep declining even after a U.S.–Iran deal to reopen the Strait of Hormuz, with normalization of flows likely taking weeks to months; analysts warn that prices could stay under pressure while the global supply tightens. The SPR’s role as a last-resort supplier remains front and center amid a tight oil market and coordinated IEA releases earlier this year.