US oil reserves tumble to lowest level since 1983 amid Iran‑related disruptions

U.S. government data show commercial oil inventories have fallen to the lowest level since 1983, driven by reduced crude flow through the Strait of Hormuz after the Iran‑related conflict began in February. Analysts warn the drawdown could tighten regional supplies of gasoline, diesel and jet fuel.

Analyst Teodor Sveen‑Nilsen of SB1 Markets notes the world is using more oil than it produces, while Ole‑Rikard Hammer of Arctic Securities says the trend remains negative despite a June rise in global stocks – the International Energy Agency reported a 400‑million‑barrel increase, the first in four months. Strategic reserves and IEA‑member country releases help temper the decline, but market uncertainty persists.