U.S. strategic oil reserve falls to 286.6 million barrels, lowest level in 44 years
AI Market Summary
U.S. Strategic Petroleum Reserve inventories fell to a 44-year low after sustained emergency releases following the Iran war, while reports of an oil tanker attack near Oman underscored elevated geopolitical supply risk. The reduced buffer against disruptions and ongoing global energy shortage tighten near-term crude supply expectations, sustaining upward pressure on oil markets and complicating inflation dynamics.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT+1.51%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▲ Bullish
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U.S. Department of Energy data show the Strategic Petroleum Reserve fell by more than 3 million barrels in the week ended Aug. 28, bringing inventories down to 286.6 million barrels, the lowest level in 44 years and about 40% of total capacity. A global energy shock tied to the Iran war has prompted large releases aimed at easing oil prices, but U.S. gasoline prices have remained above $4 a gallon, adding to inflation pressure and becoming a political issue ahead of November’s midterm elections. Global crude prices briefly rose above $92 a barrel after reports that an oil tanker was hit by three projectiles off the coast of Oman.
