OilPrice.com

Commercial crude stocks in the U.S. had fallen by more than 48 million barrels over the 20 weeks leading up to September 1, 2026.

“By Sept. 1, commercial crude stocks had fallen by more than 48 million barrels over the previous 20 weeks, even as emergency barrels continued moving out of the SPR.”

Federal law restricts non-emergency drawdowns from the Strategic Petroleum Reserve (SPR) once its inventories fall below 252.4 million barrels.

“Federal law restricts non-emergency drawdowns once SPR inventories fall below 252.4 million barrels.”

Energy Secretary Chris Wright pressed European countries to fulfill their emergency-stock commitments in late September 2026, stating that several International Energy Agency (IEA) members had released only a fraction of what they pledged.

“Energy Secretary Chris Wright also pressed European countries to make good on their own emergency-stock commitments, saying several IEA members had released only a fraction of what they pledged.”

Companies receiving crude from the Strategic Petroleum Reserve through the exchange program must return the oil later with additional barrels as interest.

“Companies receiving crude through the exchange must return oil later with additional barrels as interest.”

The 40 million barrels of crude offered by the U.S. Department of Energy in late September 2026 are the final tranche of the 172 million barrels the United States pledged to an International Energy Agency coordinated emergency release.

“The barrels will be offered through an exchange, marking the final tranche of the 172 million barrels the United States pledged to a coordinated emergency release organized by the International Energy Agency.”

A gallon of diesel was almost $3 higher by Friday, September 27, 2026, compared to a year prior, increasing strain on shippers and farmers.

“U.S. gasoline is still above $4 per gallon, while diesel has climbed above $6 per gallon amid tight middle-distillate supplies and disruptions tied to the Iran war.”

The U.S. Strategic Petroleum Reserve is at 347 million barrels, its lowest level in 40 years.

“The SPR ended August with 286.6 million barrels after another 3.1 million barrels left the reserve during the week ending Aug. 28.”

The U.S. strategic petroleum reserves are at a 44-year low.

“The reserve is expected to fall to its lowest level since 1982 once the latest release is completed.”

White House agreed to temporarily waive sanctions for India to buy Russian oil

“The situation prompted the U.S. to grant a sanction waiver on Indian buyers of crude, so they could absorb some Russian crude sitting on tankers in the waters of the coast of Asia.”

Strait of Hormuz is one of the world’s most important trade arteries

“the strait handles about a fifth of global oil trade.”

Strait of Hormuz carries over 20m barrels of oil a day

U.S. granted sanction waiver on Indian buyers of crude

“The situation prompted the U.S. to grant a sanction waiver on Indian buyers of crude, so they could absorb some Russian crude sitting on tankers in the waters of the coast of Asia.”

Several dozen tankers stranded near Hormuz some targeted by attacks

“There are several dozen tankers stranded near Hormuz, some have become the target of attacks, and insurers have pulled war insurance, contributing to the paralysis of energy trade in the world’s biggest oil-producing region.”

U.S. federal government insurance coverage announcements have yet to have effect

“Announcements by the U.S. president that the federal government would step in to provide insurance coverage have yet to have an effect.”

U.S. Navy said no chance of escorting tankers in Strait of Hormuz

“President Trump also said the U.S. Navy would escort tankers in the strait earlier this week but soon after took it back, after the Navy itself said there was “no chance” of such escorts, per a Lloyd’s List report.”

Strait of Hormuz handles about a fifth of global oil trade

“the strait handles about a fifth of global oil trade.”

Regional maritime risk environment estimated as critical over next 48 hours

“The agency has estimated the regional maritime risk environment as critical, extending this assessment over the next 48 hours, “with no confirmed indicators of de-escalation.””

No formal declaration for closure of Strait of Hormuz

“there has been no formal declaration for the closure of the Strait of Hormuz”

Neither of the two vessels that passed Strait of Hormuz were tankers

“neither of the two vessels that passed the strait were tankers.”

Near-total temporary pause in routine commercial traffic in Strait of Hormuz

““This represents a near-total temporary pause in routine commercial traffic, resulting from ongoing regional conflict dynamics involving Iran, including warnings against transits by U.S., Israeli, European, and allied vessels,” the JMIC noted in its report.”