The amount of oil in the US Strategic Petroleum Reserve plunged last week to the lowest level since 1983 as the Trump administration continues to deploy emergency oil to minimize the damage from the war with Iran.

The nation's emergency oil stockpile has fallen to its lowest level in more than four decades as President Donald Trump's administration continues a major release of crude oil aimed at keeping energy costs in check for American consumers.

Trump said the US reached a deal with Iran to reopen the Strait of Hormuz, a possible end to a 15-week conflict that upended global oil markets.

Oil’s much-awaited decline may offer little respite for hard-hit consumers in the Philippines, where local pump prices were quick to skyrocket but could take up to a year to normalize.

Middle Eastern nations are building out their oil shipping infrastructure, seeking long-term workarounds for the Strait of Hormuz to make it less of chokepoint. Iran’s blockade of the waterway, through which about 20 percent of the world’s oil consumption flowed on a typical day prior to the war,

The world is guzzling so much oil from commercial and strategic inventories that they risk falling below their minimum operating levels.

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

China is the world’s largest purchaser of oil. But three months after the war with Iran began, it cut its imports, cushioning the global market.