A tenuous deal with Iran has pushed oil prices lower, but U.S. strategic petroleum reserves are at their lowest level in 40 years and commercial inventories have been heavily drawn down.

Falling crude and gasoline prices reflect optimism about a reopening of the Strait of Hormuz, but depleted inventories, restocking demand, and lingering logistical constraints…

A tenuous deal with Iran has pushed oil prices lower, but U.S. strategic petroleum reserves are at their lowest level in 40 years and commercial inventories have been heavily…