US to release 172M barrels from strategic reserve amid war with Iran

The US Department of Energy said Wednesday it will release 172 million barrels of oil from the Strategic Petroleum Reserve starting next week as the war with Iran continues.

Energy Secretary Chris Wright said the move follows a coordinated decision by members of the International Energy Agency.

"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 effectively disrupted shipping through the Strait of Hormuz, a strategic waterway that normally carries about 20 million barrels of oil per day -- roughly 20% of global petroleum trade -- raising concerns about supply shortages and price spikes in global energy markets.

"President Trump promised to protect America's energy security by managing the Strategic Petroleum Reserve responsibly, and this action demonstrates his commitment to that promise," Wright said.

He also criticized the previous administration, saying the United States has arranged to replenish the reserves with about 200 million barrels within the next year -- roughly 20% more oil than will be released -- at no cost to taxpayers.

"For 47 years, Iran and its terrorist proxies have been intent on killing Americans," Wright said. "They have manipulated and threatened the energy security of America and its allies. Under President Trump, those days are coming to an end."

The Energy Department said that once the oil begins to be released from the Strategic Petroleum Reserve next week, deliveries will take about 120 days based on planned discharge rates.

"Rest assured, America's energy security is as strong as ever," Wright said.