Crude futures surged on Monday, while crude oil stockpiles in the United States Strategic Petroleum Reserve (SPR) fell below 300 million barrels -- the lowest level since 1983 -- as of Aug 7, according to the latest data released by the Department of Energy.
The SPR fell by 6.1 million barrels to 298.7 million barrels last week, according to the released data.
The United States, along with other countries around the world, has been releasing crude oil reserves to offset supply disruptions stemming from conflicts in the Middle East. The administration of U.S. President Donald Trump ordered the release of 172 million barrels of oil reserves in March in an effort to stabilize global markets.
International oil prices surged on Monday over uncertainty around resumption of shipping traffic through the Strait of Hormuz.
The West Texas Intermediate for September delivery rose by 3.95 dollars, or 5.05 percent, settling at 82.13 U.S. dollars a barrel on the New York Mercantile Exchange as of the close of trading on Monday. Brent crude for October delivery increased by 4.17 dollars, or 4.99 percent, to settle at 87.72 dollars a barrel on the London ICE Futures Exchange.
Oil prices surge while US Strategic Petroleum Reserve drops to lowest level since 1983
A powerful earthquake that struck western Colombia on Monday has forced the temporary suspension of operations at several airports across the South American country, leading to massive flight cancellations and delays.
At Bogota's El Dorado International Airport, the country's busiest hub, hundreds of passengers were left stranded as travel plans were thrown into chaos.
Long queues formed at check-in and rebooking counters, with many travelers anxiously scanning flight information displays for updates. According to the departure board, multiple flights to western cities such as Pereira and Cali which are closer to the epicenter had been either canceled or indefinitely delayed.
"We are waiting for them to get us another flight to Medellin instead of Pereira. Our booked flight was supposed to leave at 11:50, but it's canceled. We have another one for Wednesday, but we can't take it because we don't know what the situation is like in Armenia or Pereira," said a traveler.
"We have just arrived from Madrid. We just got here and heard the news of the earthquake. We planned to travel tomorrow to Pereira and stay in Colombia for 15 days, but have to look for an alternative to our original route. The earthquake has disrupted our plan," said another traveler.
The death toll from the magnitude 7.5 earthquake that struck western Colombia on Monday has risen to 132, with more than 570 others injured, the Colombian government said in its latest update.
According to the preliminary report, 32 cities across the country have been seriously affected, while five departmental capitals -- Pereira, Cali, Quibdo, Manizales and Armenia -- remain under red alert. Pereira reported 60 deaths, followed by Cali with 15, Quibdo with eight and Manizales with four, the report said.
Colombian President Abelardo de la Espriella said earlier that the government had declared a state of national disaster to respond to the impact of the earthquake.
Colombia's deadly earthquake causes widespread flight disruptions
