The Iran deal came just in time as Strategic Petroleum Reserve hits lowest level since 1983

The U.S. Strategic Petroleum Reserve has fallen to its lowest level in more than 40 years, while oil executives say global inventories are being rapidly depleted by the supply disruption from the Iran war. The combination of depleted strategic stocks and conflict-driven supply stress is a clear bullish risk for crude and a negative for energy security. This is likely to keep oil markets volatile and support higher prices.

Analysis

The U.S. Strategic Petroleum Reserve has fallen to its lowest level in more than 40 years, while oil executives say global inventories are being rapidly depleted by the supply disruption from the Iran war. The combination of depleted strategic stocks and conflict-driven supply stress is a clear bullish risk for crude and a negative for energy security. This is likely to keep oil markets volatile and support higher prices.