The U.S. SPR inventory has fallen to approximately 349 million barrels, near its lowest level since the early 1980s, with weekly EIA reports confirming the trend, Reuters reported.

The direct cause was oil shipping disruption in the Gulf triggered by the Middle East conflict earlier this year. The Energy Department released roughly 172 million barrels from the SPR in tranches via an emergency exchange mechanism beginning in March, causing the sharp inventory decline.

The SPR was established as a buffer of last resort for emergencies such as wars and disasters. As inventories approach historic lows, the government's ability to respond to future supply shocks diminishes, analysts warn.

Oil prices have eased somewhat from their conflict peaks as the Middle East situation moves toward a ceasefire, but lingering uncertainty over a final agreement means full price stability is not yet assured. Investing.com reported that the U.S. government is considering purchasing six million barrels to begin replenishing the SPR while prices are relatively low.

International energy experts say replenishing the SPR is unavoidable for long-term energy security, but caution that the restocking process itself could put upward pressure on prices.