The US Department of Energy reported that the country’s Strategic Petroleum Reserve has dropped by 6.2 million barrels to 319.5 million barrels, marking its lowest level since April 1983. The decline is part of an agreement involving the withdrawal of a total of 172 million barrels from the reserve.

According to Al Jazeera, the global energy market continues to feel the effects of the closure of the Strait of Hormuz during wartime. Nearly one-fifth of the world’s oil supply passes through this crucial maritime route, making its disruption highly significant for global energy stability.

Following the signing of a memorandum of understanding between the United States and Iran, indirect talks have begun in Qatar. As a result, the Strait of Hormuz is gradually reopening to shipping, with discussions emphasizing the importance of maintaining normal maritime operations.