The Strategic Petroleum Reserve remains under intense pressure, shedding another 8.9 million barrels to reach 340.3 million. This volume marks the lowest level recorded since 1983, leaving the reserve 385 million barrels below its maximum capacity. Meanwhile, domestic output reached 13.799 million barrels per day for the week ending June 5, reflecting a year-over-year increase of 371,000 barrels per day.

Market sentiment shifted sharply as traders reacted to a preliminary agreement between the US and Iran aimed at ending regional hostilities and reopening the Strait of Hormuz. Brent crude tumbled to $79.18, and WTI dropped to $76.25, both reflecting a $12 per barrel decline compared to the previous week. Underlying these figures, internal product inventories showed mixed results: gasoline stocks rose by 2.479 million barrels, while distillate inventories tightened further with a 461,000-barrel withdrawal. At the Cushing delivery hub, supplies saw a significant contraction of 1.523 million barrels, underscoring the ongoing volatility in the domestic supply chain.