Brent and WTI crude futures rise over 4% after US Strategic Petroleum Reserve falls to 298.7 million barrels, a four-decade low.
Oil prices climbed more than 4% on Monday as the US Strategic Petroleum Reserve declined to 298.7 million barrels, its lowest level since 1983. The drop of 6.1 million barrels in August reflects ongoing releases to offset supply disruptions from Middle East conflicts.
The reserve has been drawn down significantly since March, when 172 million barrels were ordered for release to stabilize global markets. The current inventory level underscores tightening supply amid geopolitical tensions, including fading hopes for a US-Iran deal over the Strait of Hormuz.
Brent crude futures topped $85 per barrel, while US WTI crude rose above $80. The price jump followed comments from President Trump indicating a cautious approach to negotiations with Iran, citing the country’s economic struggles.