EL7.AI
CommoditiesMedium•15 October 2026•
1 min read

Oil Surges Toward $97.50 as Trump Admin Halts SPR Drains Amid Supply Risks

Key Facts

1The Trump administration halted crude oil drains from the Strategic Petroleum Reserve for the first time since the Iran conflict began.
2Official DOE data showed a large crude draw of 8.56 million barrels, heavily impacted by production shut-ins in the US Gulf.
3WTI crude prices surged to reach $97.50 per barrel.

WTI crude prices surged to reach $97.50 per barrel. Reuters reported that the Trump administration halted crude oil drains from the Strategic Petroleum Reserve for the first time since the Iran conflict began. Official Department of Energy data confirmed a large crude draw of 8.56 million barrels, which was heavily impacted by production shut-ins in the US Gulf.

The price action follows persistent shipping risks in the Strait of Hormuz and weather-related supply disruptions in the United States. According to ZeroHedge, the halt in SPR releases removes a critical supply cushion that previously moderated global prices. Market sentiment remained bullish on October 15, 2026, as geopolitical tensions compounded the impact of the significant inventory decline.