finance 1 min read

U.S. Oil Stockpiles Hit Lowest Since 2004 Amid Middle East Tensions

U.S. crude inventories fell 10.6 million barrels last week to 1.57 billion, the lowest since 2004, as the government intervenes to curb surging prices from Middle East supply disruptions.

2026-06-04T05:54:53.949Z

U.S. Oil Stockpiles Hit Lowest Since 2004 Amid Middle East Tensions

U.S. crude and petroleum inventories have dropped to their lowest level since 2004, falling by 10.6 million barrels last week to a total of 1.57 billion barrels. The reduction comes as the U.S. government works to counter rising oil prices caused by ongoing supply disruptions in the Middle East.

The tightening supply scenario is expected to push crude oil prices higher. Market pricing suggests a strong probability that West Texas Intermediate crude will close above $96 a barrel by June 3, reflecting the current supply constraints.

Geopolitical developments in the Middle East remain the key variable. Any production adjustments from OPEC or changes in U.S. policy on oil imports and exports could further impact pricing trends in the coming months.

Topics U.S. crude inventories West Texas Intermediate Middle East supply disruptions OPEC Crude Oil Geopolitical Tensions