Crude oil inventories in the U.S. Strategic Petroleum Reserve (SPR) fell by 4.5 million barrels during the final week of August, bringing total holdings to 424.5 million barrels, according to data released by the U.S. Department of Energy.

The latest figures also showed declines in U.S. commercial crude oil and gasoline inventories, while distillate fuel stocks increased over the same period. Net U.S. crude oil imports fell by 79,000 barrels per day, reflecting stronger exports and robust refinery activity.

The inventory draw came as U.S. refineries operated at 98% of capacity, their highest utilization level in years, contributing to increased domestic crude demand. U.S. crude exports also rose significantly during the reporting period.

Energy markets continue to monitor developments in the Middle East, where tensions involving the United States and Iran have raised concerns over the security of oil supplies.

Analysts say any disruption to shipping through the Strait of Hormuz, a key route for global crude exports, could have a significant impact on international energy markets.

The Strategic Petroleum Reserve was established after the 1973-74 oil embargo to help protect the United States against major disruptions in global oil supplies and remains a key component of the country's energy security policy.(ILKHA)