Oil ticked up after two days of stark declines, with prices still broadly pressured by a pending interim peace deal between the US and Iran that could reopen the Strait of Hormuz and send millions of barrels back to the market.
Draining the stockpiles has caused the U.S. Strategic Petroleum Reserve, located in Louisiana and Texas, to fall to its lowest level since 1983, according to Energy Department data issued Monday.
Curious Minds Corner
Could fracking’s origins in 1940s experiments change how we view “new” energy tech?
Yes—Stanolind Oil first used it in 1947 to boost wells, proving many “revolutionary” methods have deep roots.