Strategic Petroleum Reserve Hits Low

The U.S. Strategic Petroleum Reserve fell by 6.1 million barrels last week to 298.7 million, dropping below 300 million barrels for the first time since 1983 as the Iran war pressures global oil inventories. U.S. West Texas Intermediate crude rose about 5% Monday to settle at $82.13 a barrel, while Brent settled near $87.72. Prices climbed as doubts grew that Washington and Tehran would reach a deal to increase shipping through the Strait of Hormuz. Stock futures were little changed overnight, with Dow futures down 37 points.