An aerial view of crude oil storage facility in Cushing, Oklahoma, on June 9, 2026 Dave Ruff/CNN See all topics Email Link Copied! America's key oil storage hub in Cushing, Oklahoma, is close to running dry amid a war with Iran. The facility holds just 21.6 million barrels, barely above the 20 million threshold where the system effectively fails. Industry leaders warn prices could rise toward $160 per barrel or higher if the Strait of Hormuz remains closed.