The United States has announced plans to release oil from its strategic reserves to ease rising global prices. The move follows supply disruptions caused by the ongoing conflict involving Iran, the United States, and Israel. The decision aims to stabilize markets and prevent further pressure on global energy supplies.
US Energy Secretary Chris Wright said Washington will release 172 million barrels of crude oil over the next 120 days. The supply will help offset shortages caused by the war-related disruptions. He explained that the measure seeks to reduce pressure on international oil markets.
The decision comes after the International Energy Agency agreed to provide 400 million barrels of oil from its member countries. The United States’ contribution will form part of this broader effort. The initiative involves 32 nations working together to stabilize the global energy market.
Tensions escalated after the United States and Israel launched strikes against Iran. In response, Iran’s Islamic Revolutionary Guard Corps reportedly closed the Strait of Hormuz and targeted passing vessels. The strategic waterway handles a significant portion of the world’s oil shipments.
As a result, crude oil prices have surged and supply chains remain disrupted. Global energy markets are closely watching developments in the region. Analysts warn that prolonged tensions could further impact fuel prices and international trade.