The United States is facing a growing oil supply challenge as its Strategic Petroleum Reserve (SPR) approaches critically low levels amid ongoing geopolitical tensions. The SPR, designed to stockpile crude oil for wartime or economic instability, has been significantly drained due to the Iran War and related disruptions.

According to data from the Energy Information Administration (EIA), the SPR has declined nearly 25% over 17 weeks, dropping from 415.4 million barrels on March 20, 2026, to 311.4 million barrels by July 17, 2026. This drawdown reflects the largest sustained release from the reserve in U.S. history.

President Joe Biden authorized a 200 million-barrel release from the SPR, including a 180 million-barrel emergency release on March 31, 2022, following Russia’s invasion of Ukraine, and an outright sale of 20 million barrels, according to the Government Accountability Office (GAO). Earlier, on March 11, former President Trump announced that the Department of Energy would release 172 million barrels as part of a coordinated 400 million-barrel release by International Energy Agency member nations to lower energy prices and offset supply disruptions caused by the Iran War.

The price of oil has surged past $100 per barrel, Reuters reported, as Houthi rebels have begun attacking ships in the Red Sea, further tightening an already constrained oil market. Additionally, attacks by Ukraine on major Russian oil refineries have compounded global refining capacity challenges, with the Strait remaining closed, making the situation nearly as problematic as the U.S. tensions with Iran, according to De Haan, who spoke to the Daily Caller News Foundation (DCNF).

The Trump administration had added roughly 20 million barrels to the SPR in 2025, bringing total stocks to 413 million barrels at the start of 2026, but current releases have outpaced these additions. The ongoing depletion of the SPR amid escalating geopolitical conflicts signals a precarious moment for U.S. energy security.

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