The U.S. Strategic Petroleum Reserve fell by 6.1 million barrels in the latest reported week to 298.7 million barrels, its first drop below 300 million since January 1983 and a more than 40-year low. The reserve has declined by roughly 116 million barrels this year as it continues supplying crude under the 172 million-barrel release program authorized in March 2026 after Iran moved to choke off tanker traffic through the Strait of Hormuz. U.S. Energy Secretary Chris Wright said oil shipments through Hormuz have recovered to about 9 million barrels a day and broader regional flows, including pipelines, to about 15 million barrels a day, suggesting supply pressure may be easing even as crude prices remain elevated.