India, Aug. 24 -- The United States is drawing deeper into its emergency oil cushion as the Iran war continues to disrupt global energy supplies. The Strategic Petroleum Reserve (SPR) fell below 290 million barrels last week, reaching its lowest level in more than four decades as Washington continues releasing crude to ease pressure on the oil market.

US Department of Energy data showed that the reserve held 289.7 million barrels as of August 21, down by about 3.7 million barrels from 293.4 million barrels a week earlier. The latest decline comes as the Trump administration continues an emergency release programme launched after disruptions to Middle East oil supplies and shipping through the Strait of Hormuz.

The latest figure puts the...