US Crude Inventories Drop 6.1M Barrels as Hormuz Flows Resume

Key facts

• US crude oil inventories fell by 6.1 million barrels in the week ending June 19.
• US commercial crude stockpiles are now at 412.1 million barrels.
• US commercial crude stockpiles are 7% below the five-year average.
• Strategic Petroleum Reserve inventories are at a four-decade low.
• Crude prices declined as flows through the Strait of Hormuz partially resumed.
• Iran has exported 50 million barrels of crude oil since the US lifted its naval blockade.
• Iran's exports average approximately 1.66 million barrels per day for June 2026.
• TankerTrackers.com provided data on Iran's exports.

US crude oil inventories experienced a significant drop of 6.1 million barrels during the week that concluded on June 19. This reduction brought the total commercial stockpiles to 412.1 million barrels, positioning them 7% below the typical five-year average. Adding to the supply-side dynamics, inventories held within the Strategic Petroleum Reserve have reached their lowest point in four decades. The market reacted to these developments, with crude prices declining as transit through the Strait of Hormuz saw a partial resumption of flows.

In parallel, Iran has reported substantial crude oil exports following the United States' decision to lift its naval blockade on the nation's energy shipments. According to data from tanker-tracking firm TankerTrackers.com, Iran has exported a total of 50 million barrels of crude oil. This volume equates to an average daily export rate of approximately 1.66 million barrels per day for the month of June 2026. The lifting of the blockade and subsequent export activity by Iran represent a notable shift in global oil supply dynamics.