US to tap oil reserves as Iran war rattles markets
The United States Department of Energy said it will release 172 million barrels of oil from the Strategic Petroleum Reserve starting next week as the conflict involving the United States and Iran continues.
Energy Secretary Chris Wright said the move follows a coordinated decision by members of the International Energy Agency, News.Az reports, citing foreign media.
“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Donald Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” Wright said in a statement.
The decision comes as the conflict has disrupted shipping through the Strait of Hormuz, a key waterway that normally carries about 20 million barrels of oil per day — roughly 20% of global petroleum trade — raising concerns about potential supply shortages and price spikes.
Wright said the action reflects Trump’s pledge to safeguard U.S. energy security through responsible management of the Strategic Petroleum Reserve.
He also criticized the previous administration, saying the United States has arranged to replenish the reserve with about 200 million barrels within the next year — roughly 20% more oil than will be released — without cost to taxpayers.
According to the Energy Department, once the release begins next week, deliveries from the reserve are expected to take about 120 days based on planned discharge rates.
“Rest assured, America’s energy security is as strong as ever,” Wright said.
News.Az
By Nijat Babayev
