US taps strategic oil reserve to ease Iran-driven price surge
TL;DR Summary
President Trump ordered the release of 172 million barrels from the Strategic Petroleum Reserve to be drawn over about 120 days, as part of a coordinated IEA effort to ease an oil-price spike tied to the Iran conflict; Washington plans to replenish the SPR with 200 million barrels within a year. With WTI around $92 a barrel and SPR holdings near 415 million barrels, analysts say the move may help but won’t fix underlying supply disruptions or Strait of Hormuz tensions driving prices higher.
- Trump administration releasing 172 million barrels of oil from strategic reserve as Iran war causes soaring prices CBS News
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- IEA agrees to release record 400 million barrels of oil to address Iran war supply disruption CNBC
- U.S. to Release 172 Million Barrels of Oil From Strategic Reserves, Energy Dept. Says - The New York Times The New York Times
- US to release 172 million barrels of oil from strategic petroleum reserve Reuters
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