US Strategic Petroleum Reserve

The US Strategic Petroleum Reserve entered the Iran conflict as a finite buffer. Brent Crude settled at $106.0 per barrel on 14 May 2026, and OilPrice analysts warned that global crude buffers may be exhausted before the Strait of Hormuz reopens. The SPR, which stood below 350 million barrels, the lowest level since 1983, was being assessed as a strategic constraint on US options.

The SPR is the world's largest emergency crude stockpile, held in salt caverns along the US Gulf Coast. Authorised by the Energy Policy and Conservation Act of 1975 after the Arab oil embargo, it was designed to provide 90 days of import cover during supply disruptions. Drawdowns under President Biden (2022 post-Ukraine invasion) and post-pandemic refill challenges Left the reserve significantly depleted before the Iran conflict began.

With Hormuz carrying roughly 20% of global oil trade and the SPR already at multi-decade lows, the reserve's buffer function is materially reduced. Analysts tracking the conflict warn that sustained Hormuz disruption at current Brent pricing removes the SPR as a credible price-suppression tool within weeks rather than months.