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The US emergency oil stockpile has plunged to its lowest level in nearly 44 years as the US-Israeli war on Iran continues to squeeze global supplies and disrupt shipping through the Strait of Hormuz, according to Department of Energy data. The Strategic Petroleum Reserve (SPR) has shrunk by almost a third since Washington began releasing crude in March.

The reserve dropped to 283.8 million barrels for the week ending September 25, hitting its lowest level since October 1982, according to US government data. That is down roughly 32% from 415.4 million barrels in mid-March and 61% from the record 726.6 million barrels held in late 2009.

Congress created the SPR in 1975 following the Arab oil embargo to provide an emergency buffer against severe supply disruptions. Designed to hold more than 700 million barrels in underground salt caverns along the Gulf Coast in Texas and Louisiana, the reserve has been tapped heavily in recent years.