U.S. SPR Falls Below 300 Million Barrels as Brent Jumps 5% Above $87
Updated
Updated · CNBC · Aug 10
U.S. SPR Falls Below 300 Million Barrels as Brent Jumps 5% Above $87
3 articles · Updated · CNBC · Aug 10
Summary
298.7 million barrels remained in the U.S. Strategic Petroleum Reserve last week after a 6.1 million-barrel draw, leaving the emergency stockpile at its lowest level since 1983.
Brent climbed about 5% to $87.72 a barrel and WTI rose 5% to $82.13 as hopes for a U.S.-Iran deal faded and supply disruption from the Iran war kept global inventories tight.
Trump told Axios Washington was only “semi-negotiating” with Iran and was prepared to let economic pressure build, a shift from his confidence last week that a deal could be reached.
172 million barrels have been released from the SPR since March after Iran choked off exports through the Strait of Hormuz, underscoring how the war has drained U.S. emergency reserves.
As Middle East tensions choke global supply, how will the U.S. replenish its rapidly depleting strategic oil buffer before the next major crisis?
With America's emergency oil reserve hitting a 40-year low, can its crumbling underground infrastructure survive another massive drawdown without failing?