Iran confirms the US has started lifting the maritime blockade, coinciding with US strategic oil reserves falling to a 43-year low

BlockBeats News, June 16 — Iran has confirmed that the United States has begun lifting its maritime blockade against Iran, with several Iranian vessels crossing the blockade line. This coincides with the U.S. Strategic Petroleum Reserve falling to its lowest level in 43 years. Fitch predicts that if the Strait of Hormuz is fully reopened, the global oil market is expected to return to a surplus in about one month.

As the Trump administration is about to complete its plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to ease fuel price surges triggered by the Iran war, the U.S. emergency crude reserves have dropped to their lowest level since 1983. According to data released by the U.S. Department of Energy on Monday, the Strategic Petroleum Reserve—which was established in the early 1970s after the Arab oil embargo—has fallen to about 340 million barrels, nearing its historical low. If the plan is completed, it will mark the second-largest release in the reserve’s history, leaving only about 243 million barrels, roughly one-third of its statutory capacity.