US Announces 172 Million Barrel Oil Reserve Release

WASHINGTON – The United States will release 172 million barrels of oil from its strategic petroleum reserve. The move aims to ease soaring global oil prices.

US Energy Secretary Chris Wright announced the decision on Wednesday. He said the release will begin next week and take about 120 days.

The plan forms part of a broader global effort. Earlier, the International Energy Agency agreed to release 400 million barrels of oil.

Officials said the decision comes after supply disruptions caused by the ongoing conflict involving the United States, Israel, and Iran. The war has shaken markets worldwide.

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The United States and Israel launched attacks on Iran on February 28. In response, Iran carried out strikes on Israel and Gulf countries hosting US bases.

Iran’s Islamic Revolutionary Guard Corps also warned it could block oil shipments from the Gulf. The threat has raised concerns about global energy supplies.

President Donald Trump said the US may slightly reduce its strategic reserves. However, officials plan to replenish about 200 million barrels within the next year.