US Strategic Petroleum Reserve falls to lowest since 1983 amid Hormuz-crisis drawdowns

The US Strategic Petroleum Reserve (SPR) fell to about 316.5 million barrels in the week ending July 10, 2026, the lowest level since April 1983. The reserve is now roughly 56 percent below its full capacity.

Since the Strait of Hormuz closed in late February 2026, Washington has drawn nearly 99 million barrels from the reserve as part of an IEA-coordinated release to offset part of the global supply shortfall and fuel-price pressure.

The steady drawdown narrows the buffer available to absorb further supply shocks, a factor the global oil market, and by extension inflation expectations and gold, are watching closely.