U.S. oil reserves are at low levels, President Trump announces termination of the ceasefire agreement

US commercial crude oil inventories are at multi-decade lows. According to data from the US Department of Energy, US commercial crude oil inventories increased by 3 million barrels last week. President Trump announced the termination of the ceasefire agreement. Andy Lipow, president of Houston-based Lipow Oil Associates, said that when inventories fall to the lowest operational threshold, the most worrying scenario for the oil market this year will come true later. Energy industry executives and analysts warn that if shipping through the Strait of Hormuz is blocked again, US energy security will face a severe threat and the market has not anticipated a repeat of this spring's oil crisis, when prices exceeded $100 per barrel. If the US is forced to continue tapping into strategic crude oil reserves, it will lack sufficient reserves for emergency backup, and oil prices could surge again.