U.S. Strategic Petroleum Reserve (SPR) inventories have fallen to the lowest level in 43 years, driven by drawdowns during the war with Iran.

According to data released by the Department of Energy on the 15th local time, SPR inventories stood at 340.3 million barrels, the lowest level since 1983, the Wall Street Journal (WSJ) and other outlets reported.

In March, President Donald Trump directed the Department of Energy to release a total of 172 million barrels of crude to minimize the impact of a blockade of the Strait of Hormuz by Iran. Since late February, when the war with Iran began, the SPR has declined by 75 million barrels. U.S. authorities released 8.9 million barrels in just the past week.

CNN reported that current inventories are below the prior low set in 2023, when the Biden administration conducted a large release from the reserve following Russia's invasion of Ukraine. President Trump also criticized the Biden administration for depleting the reserve during the 2024 election campaign.

Although a cease-fire agreement has eased pressure for additional releases from the reserve, supply uncertainty persists. Experts expect that even if the Strait of Hormuz reopens, it will take considerable time for passage and the oil market to return to normal.