US commercial crude inventories fell to 409.7 million barrels for the week ending July 10, a decline of 6% below the five-year average. The Strategic Petroleum Reserve stands at 349.2 million barrels, its lowest level since 1983. The Iran conflict, which escalated in late February, has caused global supply losses exceeding 1 billion barrels. The near-closure of the Strait of Hormuz has cut off approximately 15 million barrels per day, representing one-fifth of the world s daily oil consumption. Total US crude and petroleum product inventories have dropped to 1.57 billion barrels, the lowest level since 2004.
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