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Market Chatter: US Strategic Petroleum Reserve Hits 40-Year Low Amid Iran War

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The US Strategic Petroleum Reserve fell to 340.3 million barrels as of June 12, its lowest level since 1983, as emergency releases continue to offset supply disruptions caused by the Iran war, CNBC reported Monday.

The reserve dropped nearly 9 million barrels in a single week, according to the report.

The US and Iran are set to sign a deal Friday to reopen the Strait of Hormuz, though analysts warn inventory draws will continue for weeks to months as oil flows normalize, the report said.

The US committed to releasing 172 million barrels in March as part of a coordinated 400 million barrel release by International Energy Agency members, the largest such intervention in the organization's history, CNBC said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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