Strategic oil stockpiles have hit a 40-year low amid the Iran war

Oil prices spiked Tuesday as the Iran war continues to jeopardize global supplies, with U.S. strategic stockpiles falling to the lowest level in more than 40 years. Strategic petroleum reserves, or SPR, are stockpiles of crude oil that nations store in the event of unexpected supply shortages, and America’s SPR levels have plummeted since the war began.The U.S. Strategic Petroleum Reserve fell by about 6.1 million barrels to 298.7 million barrels last week, the lowest level since January 1983, according to data from the Department of Energy (DOE) on Monday.The U.S. SPR has a maximum authorized capacity of 727 million barrels, according to the DOE.Refilling those SPRs will take a long time, experts say, especially with strained global oil supplies. Story continues below advertisement The U.S. has drawn down about 172 million barrels since March as part of an ongoing globally co-ordinated agreement with the International Energy Agency (IEA) to release 400 million barrels to help calm oil markets after the U.S. and Israel launched joint attacks on Iran. Get daily National news Get daily Canada news delivered to your inbox so you'll never miss the day's top stories. The IEA requires it...