America’s Emergency Oil Tank
The ceasefire between Israel and Iran reduced the immediate threat to global oil supplies, but it also underscored a quieter issue. After years of emergency releases, including during the recent US-Iran conflict, America’s Strategic Petroleum Reserve (SPR) now sits at its lowest level in more than 40 years. While most investors rarely think about the SPR, its size can influence oil prices, inflation expectations, and the market’s ability to weather future supply shocks.