Trump administration releasing 172 million barrels of oil from strategic reserve as Iran war causes soaring prices

March 12, 2026

TL;DR

President Trump ordered the release of 172 million barrels from the U.S. Strategic Petroleum Reserve.
The release is a response to oil prices reaching their highest levels in years due to the U.S. war with Iran.
The U.S. release is coordinated with the International Energy Agency, which is releasing an additional 400 million barrels.
Energy Secretary Christopher Wright stated the U.S. plans to replenish the reserve within the next year.
Oil prices were trading at over $92 per barrel for West Texas Intermediate, having climbed 7.2% during the day.
Commercial traffic through the Strait of Hormuz has significantly decreased due to fears of attacks, impacting global oil supply.
Experts suggest the reserve release will not fully resolve the underlying supply issues driving price spikes.

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