Are global oil reserves sufficient to withstand renewed US-Iran war?
Summary
Oil prices have risen to nearly $111 per barrel as fighting and attacks on oil tankers increase near the Strait of Hormuz, a key shipping route. Emergency oil reserves worldwide are at their lowest levels in decades after being heavily used since the conflict between the US and Iran started in February 2025.Key Facts
- Brent crude oil price rose to $110.85 per barrel, close to a five-month high.
- Iran’s Islamic Revolutionary Guard Corps reported attacks on multiple oil tankers near the Strait of Hormuz.
- The Houthis in Yemen captured territory near the Bab al-Mandeb strait, another important shipping route.
- The International Energy Agency (IEA) coordinates emergency oil reserves held by many countries to manage supply emergencies.
- Since February 2025, over 400 million barrels of oil have been released from strategic reserves worldwide, more than double the amount released after the Ukraine war began.
- The US Strategic Petroleum Reserve is at its lowest level since 1982, holding about 283 million barrels.
- Analysts estimate around 400 million barrels of usable emergency oil remain globally, excluding major reserves that may be difficult to access or export.
- China has reserves for roughly 80 days of refinery use but is not part of the IEA stockpile-sharing system.
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