Washington — U.S. Energy Secretary Chris Wright announced early Thursday that the United States will release 172 million barrels of oil from the Strategic Petroleum Reserve (SPR) in an effort to curb oil prices, which have surged sharply due to supply disruptions caused by the U.S.-Israeli war against Iran.
اضافة اعلان
Wright explained that this decision is part of a broader plan to release 400 million barrels of oil, which was approved by the International Energy Agency (IEA) earlier today. He noted that the release process will commence next week and will span approximately 120 days.
On Wednesday, U.S. President Donald Trump stated that the United States would utilize "a little" of its strategic oil reserves, following the IEA's announcement that its member states would take similar steps amid the ongoing war with Iran. In an interview with "Local 12" television in Cincinnati, Ohio, Trump responded to a question about using the SPR, saying: "Right now we’re going to be pulling it down a little bit, which will get the prices down."
Oil prices rose by nearly 5% at Wednesday's settlement amid growing fears of supply interruptions following new attacks on vessels in the Strait of Hormuz. Analysts suggested that the IEA’s proposal for a record withdrawal from oil stocks is insufficient to calm these fears.
Brent crude futures rose by $4.18, or 4.8%, to settle at $91.98 per barrel. U.S. West Texas Intermediate (WTI) crude increased by $3.80, or 4.6%, to settle at $87.25 per barrel.
Israel and the United States have been conducting airstrikes on Iran since Saturday, February 28, which led to the death of Iranian Supreme Leader Ali Khamenei. Since then, Tehran has retaliated by striking Israel and other countries in the region with missiles and drones. Furthermore, Iran has enforced a naval blockade on vessels passing through the Strait of Hormuz, targeting oil tankers that attempted to transit.
