Iran Confirms the U.S. Begins Lifting Its Maritime Blockade as Strategic Oil Reserves Reach a 43-Year Low

Huo Xing Finance reports that on June 16, Iran confirmed that the United States has begun lifting its maritime blockade, with several Iranian vessels crossing the blockade line. This coincides with the U.S. Strategic Petroleum Reserve (SPR) falling to its lowest level in 43 years. Fitch predicts that if the Strait of Hormuz fully reopens, the global oil market is expected to return to oversupply within approximately one month. As the Trump administration nears completion of its plan to release 172 million barrels of SPR to alleviate fuel price spikes triggered by the Iran conflict, U.S. emergency crude oil reserves have dropped to their lowest level since 1983. According to data released by the U.S. Department of Energy on Monday, the SPR—established after the early 1970s Arab oil embargo—has fallen to approximately 340 million barrels, nearing a historical low. If the plan is fully executed, it will rank as the second-largest release in the reserve’s history, leaving roughly 243 million barrels—just about one-third of its statutory capacity.