Emergency stockpiles of crude oil in the United States have hit the lowest level they have been since the 1980s, as the oil and gas markets grapple with the fallout from the war in Iran. 

The monthslong conflict disrupted more than 11 million barrels per day of oil from global trade, threatening supply worldwide and causing international and domestic crude prices to spike. Several nations, including the U.S., agreed to release tens of millions of barrels back into the markets to ease supply constraints, as the Strait of Hormuz, a key channel for oil traffic, has effectively remained closed since February.