The US buffer for crude oil is shrinking fast as the Iran war drags on. The country’s emergency petroleum stockpile, known as the Strategic Petroleum Reserve, has shrunk to levels last seen in mid-2023, after the Biden administration decided to withdraw SPR crude barrels to mitigate the oil-price impact of the Russia-Ukraine war. The global oil supply chain is becoming more vulnerable with each passing day the Strait of Hormuz remains closed. (Source: Bloomberg)