Stocks of crude oil in the US Strategic Petroleum Reserve fell by about 5.3 million barrels last week to 293.4 million barrels, the lowest level since 1982, according to data from the Energy Department on Monday.
The reduction is part of a US agreement to release 172 million barrels from the stockpile. In March, the US and other International Energy Agency member nations tapped into their strategic oil reserves to shore up the energy market due to supply disruptions in the Middle East.
The Strategic Petroleum Reserve was established in 1975 to ease future supply disruptions after the 1973 oil embargo.
It almost reached its maximum capacity of 727 million barrels in December 2009, with 726.6 million barrels.
The president has the authority to tap into the stockpile in case of significant oil disruptions that can threaten the US economy, including when former president Joe Biden sold 180 million barrels of oil over a six-month period in response to Russia's invasion of Ukraine.
The administration later made purchases to secure more than 50 million barrels to refill the stockpile.
US President Donald Trump's administration has been seeking to ease petrol costs as the Iran war constrains energy supply from the Middle East through the effective closure of the Strait of Hormuz.
Only three vessels passed through the waterway on Sunday, down from five on Saturday, according to data firm Kpler.
US Energy Secretary Chris Wright told reporters in Texas that he intends to speak with US companies about how they can boost refinery production to lower prices at the pump.
The average driver is spending $4.06 a gallon ($1.07 a litre) on petrol today, compared to $3.13 the same time last year, according to automotive group AAA.
Mr Trump said during a rally in New York last week that Americans would have to accept paying for higher petrol prices amid the Iran war deadlock.
“Just remember, you're doing it so that a very evil country cannot ... really, it's the number one state sponsor of terror in the world. We don't want to have them have a nuclear weapon,” he told supporters.
