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US carries out strikes in Iran as emergency oil reserves fall to 44-year low

American forces targeted Iranian military sites following maritime confrontations, while the Strategic Petroleum Reserve dropped to 286.6 million barrels.

Updated Sep 1, 2026 · 22:18 UTC7 reports

The short version

  • U.S. Central Command resumed military strikes on Islamic Revolutionary Guard Corps targets inside Iran following reported attacks on maritime shipping in the Strait of Hormuz and American personnel.
  • The U.S. Strategic Petroleum Reserve fell to 286.6 million barrels, its lowest capacity level since 1982, amid ongoing global supply disruptions related to the conflict.
  • Iranian state media reported explosions across southern coastal areas, and Iranian officials warned that retaliation would follow.
  • Key uncertainties remain regarding the operational extent of the U.S. strikes and whether regional hostilities will further threaten Middle East oil transit.

Key facts

  • U.S. Central Command launched strikes against IRGC targets on Tuesday afternoon, citing attempted Iranian attacks on commercial shipping in the Strait of Hormuz and deployed American service members.[Al Jazeera · The Washington Post · BBC News · PBS NewsHour · Associated Press · CNBC]
  • Iranian media and local officials reported explosions and projectile impacts in southern areas, including Chabahar, Konarak, Qeshm Island, and Bandar Abbas.[Al Jazeera · BBC News · Associated Press]
  • The U.S. Strategic Petroleum Reserve dropped to 286.6 million barrels for the week ending August 28, reaching approximately 40% capacity and its lowest mark since 1982.[ABC News]
  • The U.S. has released roughly 128 million barrels of emergency crude since the war began, contributing to an overall U.S. commitment to draw down 172 million barrels alongside international allies.[ABC News]
  • Recent military action escalated after U.S. strikes on Larak Island on Sunday were followed by intercepted Iranian missile launches toward American sites in Jordan.[Al Jazeera · BBC News · Associated Press]

What remains uncertain

  • U.S. Central Command did not immediately disclose the specific assets involved or the full count and scope of targets struck in Iran.[CNBC]
  • The precise nature and timing of any Iranian military response remain unconfirmed despite public warnings from IRGC officials.[BBC News]

Sources