According to CoinMeta, oil prices rose on Monday as hopes of an agreement between Washington and Tehran faded, and at the same time, the United States' strategic oil reserves dropped below 300 million barrels, to their lowest level since the 1980s. According to data from the Department of Energy, strategic oil reserves decreased by 6.1 million barrels in August, with inventories falling to 298.7 million barrels. The United States, like other countries, is releasing stored crude oil to compensate for supply disruptions caused by the Middle East wars. In March, the Trump administration ordered the release of 172 million barrels to stabilize global markets. On Monday, international benchmark Brent crude oil and U.S. benchmark WTI crude oil futures prices rose by more than 4%, breaking through $85 and $80 per barrel respectively. The increase in oil prices came after Trump stated on Sunday to Axios that the United States was engaged in "low-profile" negotiations with Iran, attempting to open up more transportation through the key oil route of the Strait of Hormuz. Trump said, "We are only half-heartedly negotiating with them; we are just focused on Iran's severe inflation and the fact that they don't have money."