U.S. Strategic Oil Reserve Falls to 307.7M Barrels, Lowest Since 1983

According to Jin10, U.S. crude oil inventories in the Strategic Petroleum Reserve fell by 3.7 million barrels last week to 307.7 million barrels on July 28, the lowest level since 1983. The reduction is part of a U.S. agreement aimed at replenishing domestic supply.

Separately, Australia and Singapore reached an agreement on July 28 to strengthen cooperation in energy security, critical supply chains, and trade. Additionally, Iran's Foreign Ministry spokesperson Baghaei said the Strait of Hormuz remains closed with no change in the situation.