US strategic oil reserve at lowest level since 1983 amid Iran tensions

The US Strategic Petroleum Reserve (SPR) has reached its lowest level in over four decades, according to recent data. The reserve, a critical component of the country’s energy security, now contains approximately 325.7 million barrels, the lowest since 1983. This decline highlights significant withdrawals made in 2026 to counter supply disruptions and price hikes linked to geopolitical tensions, particularly the ongoing conflict involving Iran. The reserve’s current level is well below its authorized capacity of 714 million barrels, reflecting strategic efforts to stabilize the market in recent months. Key Takeaways Market pricing suggests a potential for increased oil prices, with the reserve’s depletion seen as consistent with YES outcome support in scenarios where crude oil could reach a new all-time high. The September 30 sub-market shows a modest 5.5% YES probability, down from 7% 24 hours ago, indicating uncertainty about short-term price spikes. For the December 31 sub-market, the probability is currently at 12.5% YES, down from 14% the previous day, reflecting cautious sentiment about long-term price movements. What to Watch Observers should monitor statements from key ener...