US to add 40M barrels to SPR after Iran conflict ends

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Published: 2 hours ago

Energy Secretary Wright announced the US will refill the Strategic Petroleum Reserve by 40 million barrels once the Iran conflict concludes. Current SPR levels stand at 357.1 million barrels, the lowest since January 2024, down from 392 million when Trump took office. The announcement could strengthen the USD against commodity-linked currencies as it signals reduced future oil demand. Traders should monitor oil price movements and their impact on energy-dependent economies like Canada and Norway.

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