US oil reserves near three-decade low as Hormuz disruption triggers SPR release
Facing potential disruptions from Iran closing the Strait of Hormuz, the U.S. Strategic Petroleum Reserve stands at about 415 million barrels (roughly 58% of capacity). The administration announced a plan to release 172 million barrels—around 40% of SPR—to help stabilize prices, a drawdown of about 1.2 million barrels per day. Even with the release, analysts warn it won’t fully offset a prolonged loss of roughly 12 million barrels per day of global supply. Restocking would require substantial funding and could take years; the SPR must maintain a buffer around 150 million barrels for flexibility.