According to the U.S. Energy Information Administration (EIA), as of June 12, crude oil inventories have declined for the eighth consecutive week, reaching levels not seen since July 1983. Strategic petroleum reserves have fallen to their lowest point since July 29, 1983, while crude oil inventories in Cushing, Oklahoma, dropped to about 20 million barrels, the lowest since October 2014. The U.S. Energy Information Administration states that Persian Gulf oil supply is expected to rebound strongly, but the recovery will take several months. Due to the Iran conflict, global oil demand in 2026 is now projected to decrease by 1.1 million barrels per day, revised down from the previous estimate of a 420k barrel per day reduction.