crude oil

The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982 following large drawdowns. The release of hundreds of millions of barrels over the past year, intended to curb gasoline prices, has left the emergency stockpile severely depleted, prompting debate over energy security and how quickly the reserve can be refilled.

Saudi Arabia has resumed oil exports through its East-West pipeline after completing repairs, according to sources cited by the Wall Street Journal. The pipeline, which carries crude across the kingdom to the Red Sea, is a key alternative route to the Strait of Hormuz. Details on the cause and duration of the repairs have not been disclosed.