The United States Strategic Petroleum Reserve has dropped to 289.7 million barrels, its lowest level since November 1982, with a weekly draw of 3.7 million barrels. This decline occurs amid the ongoing conflict in Iran, which continues to disrupt global oil supply chains. Brent crude is trading in the high-$80s to low-$90s range, while WTI hovers in the low-to-mid-$80s. Market indicators suggest increased odds of oil reaching new highs by year-end, with a notable 9-point rise in prediction-market odds over the coming months.
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