The United States has announced a major step to control rising oil prices by releasing 172 million barrels of crude oil from its Strategic Petroleum Reserve. Officials say the decision was made after global energy markets were shaken by supply disruptions caused by the ongoing US and Israeli military campaign against Iran.
US Energy Secretary Chris Wright said the oil release will begin next week and will continue for about 120 days. The aim is to increase supply in global markets and reduce the pressure that has pushed oil prices sharply higher.
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The move is also part of a broader global effort. Earlier, the International Energy Agency, which represents 32 member countries, agreed to release a total of 400 million barrels of oil to stabilize energy markets. According to officials, the exact timeline for the global release will be decided later.
Energy markets have been extremely volatile since the conflict between the United States, Israel, and Iran escalated on February 28. Iran has responded with attacks targeting Israel and Gulf countries that host American military bases.
Tensions increased further after Iran’s Islamic Revolutionary Guard Corps warned that oil shipments through the Gulf could be blocked if US and Israeli attacks continue. Such a move could seriously disrupt global oil supplies, as the Gulf region is one of the world’s most important energy export routes.
President Donald Trump also commented on the situation earlier, saying the government would “reduce it a little bit” when asked about tapping the strategic oil reserves.
Despite the current release, US officials said the government plans to rebuild its reserves. According to the Energy Secretary, the United States expects to replace more than the amount released by purchasing about 200 million barrels of oil over the next year.
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The International Energy Agency’s planned 400-million-barrel release is the largest coordinated action in the organization’s history. It is more than double the 182 million barrels released in 2022 after Russia invaded Ukraine.
However, analysts warn that even this large supply may not be enough if the conflict in the Middle East continues for a long time. Experts estimate that the proposed release equals roughly four days of total global oil production and about 16 days of crude oil shipments moving through the Gulf region.
Market analysts say this amount may provide temporary relief but may not fully offset the supply risks created by a prolonged regional conflict.
