U.S. oil reserve falls to lowest level since 1983 amid Iran supply deal

The U.S. Strategic Petroleum Reserve has dropped to its lowest level in more than four decades as the government continues releasing oil to ease supply disruptions tied to the Iran war. According to the Department of Energy, the reserve stood at 340.3 million barrels on June 12, down nearly 9 million barrels from the previous week. Energy executives said global inventories are tightening quickly, and some expect the strain to continue even after the U.S. and Iran finalize a deal to reopen the Strait of Hormuz. Industry analysts said it could take weeks or months for oil shipments through the strait to return to normal, leaving inventories under pressure in the near term. The U.S. has already authorized a large release from the reserve as part of a broader international response to the supply shock.