Iran Confirms U.S. Lifting Maritime Blockade; Strategic Petroleum Reserve Falls to 43-Year Low at 340M Barrels

According to Iran's confirmation on June 16, the U.S. began lifting its maritime blockade on Iran, with several Iranian vessels crossing the blockade line. The U.S. Strategic Petroleum Reserve (SPR) has simultaneously fallen to approximately 340 million barrels, the lowest level since 1983, according to data released by the U.S. Department of Energy.

The Trump administration is completing its release of 172 million barrels from the SPR to address fuel price spikes triggered by the Iran conflict. Upon completion of the drawdown plan, the reserve is projected to hold approximately 243 million barrels, or roughly one-third of its statutory capacity.