U.S. strategic oil reserves drop to lowest since 1983

U.S. Strategic Petroleum Reserve inventories fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983. The drawdown is part of a broader U.S. plan to release 172 million barrels from the reserve, and SPR stocks are now down 98.9 million barrels since the U.S.-Israeli war on Iran began at the end of February. Total U.S. oil inventories, including commercial and SPR stocks, dropped by 123.9 million barrels to 730.8 million barrels, the lowest since 1984. The data underscores a tight oil supply backdrop and supports crude prices, with the article appearing alongside a sharp rise in WTI and Brent. Market implications are bullish for oil prices and energy-linked assets as the reserve continues to shrink.