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Donald Trump ordered the release of 172 million barrels of oil from the Strategic Petroleum Reserve on Wednesday as energy prices surged amid the escalating war between the United States and Iran.
The emergency release will begin next week and continue over roughly 120 days, according to Christopher Wright, the U.S. energy secretary.
The move comes as part of a coordinated action by the International Energy Agency, whose 32 member countries announced plans earlier Wednesday to collectively release 400 million barrels of oil from their emergency reserves.
Oil prices surge amid war fears
Energy markets have surged since U.S. and Israel launched strikes against Iran nearly two weeks ago, fueling concerns about global supply disruptions.
The U.S. benchmark crude price, West Texas Intermediate, was trading at just over $92 per barrel Wednesday evening after climbing about 7.2% during the day.
Prices remained largely unchanged following the announcement, which had been widely anticipated by markets.
Plan to refill the reserve
Wright said the United States plans to replenish the reserve with 200 million barrels of oil within the next year.
Trump told reporters that once the reserve is tapped, the administration intends to refill it.
“We’ll fill it up,” the president said.
In a statement, Wright accused Iran of threatening global energy security for decades.
“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.”
Massive emergency reserve
The Strategic Petroleum Reserve, created in the aftermath of the 1973 oil crisis, stores crude oil in vast underground caverns along the Gulf Coast in Texas and Louisiana.
As of last week, the reserve held about 415 million barrels, according to government data.
IEA member countries collectively hold more than 1.2 billion barrels in strategic reserves.
The reserves have been tapped during previous global energy disruptions, including after Russia’s invasion of Ukraine in 2022.
Strait of Hormuz disruption driving price spike
Much of the current market volatility stems from tensions around the Strait of Hormuz, a narrow waterway between Iran and the Arabian Peninsula that carries roughly 20% of the world’s oil supply, or about 15 million barrels per day.
Commercial tanker traffic through the strait has largely halted amid fears of attacks, leading some producers to cut output.
Trump has sought to restore shipping through the waterway by promising insurance coverage for tankers and warning Iran of severe retaliation if it attempts to block the strait.
The president also told reporters earlier this week he was considering “taking over” the strait to ensure global energy flows remain open.
Experts question impact
Energy analysts say tapping the reserve could provide temporary relief but will not resolve the underlying supply disruptions caused by the war.
Nicholas Mulder, a historian at Cornell University who studies economic warfare and sanctions, said the move may ease some market pressure but is unlikely to fully stabilize prices.
“The SPR can help, but it’s not a silver bullet,” Mulder said. “The war is driving up prices on the world market, and there isn’t an easy way out.”
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