U.S. crude oil inventories, including strategic reserves, plummeted by 17.8 million barrels last week, marking the largest decline on record as record-breaking exports began to erode the nation's domestic supply buffer.
The outbreak of conflict involving Iran has rendered Middle Eastern crude inaccessible to major buyers in Asia and Europe, solidifying the United States' emergence as a leading global crude oil supplier.
Data from the U.S. Energy Information Administration (EIA) indicates that following this inventory drawdown, U.S. stockpile levels have fallen to their lowest point in nearly a year.
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