The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve to reduce rising fuel prices during the conflict with Iran. The move forms part of a global effort led by the International Energy Agency to release 400 million barrels from member nations’ reserves.

The Trump administration started the process of a mammoth drawdown of the US emergency oil reserve, issuing a request to exchange 86 million barrels of crude oil.

Bessent also said the US "may unsanction the Iranian oil that's on the water. It's about 140 million barrels."

About 14 million barrels of crude oil per day pass through the Strait of Hormuz, which the U.S. is blockading after negotiations with Iran failed. Reserves and alternative routes can address some of the shortfall,

The Trump administration plans to release 172 million barrels from the US emergency oil reserve as part of the coordinated effort by nations around the world to ease surging crude and fuel prices amid the Iran war. The release, announced by Energy ...

The Trump administration recently announced that it would release 172 million barrels of oil from the country's strategic petroleum reserve. It's part of a coordinated effort with 32 countries to lower oil prices that spiked because of the war in Iran.

The Trump administration said on Friday it ​has lent 45.2 million barrels of crude oil from the Strategic ‌Petroleum Reserve to oil companies, in an attempt to control prices that have spiked to four-year highs due to the war on Iran.

The US Department of Energy has announced a tender to transfer 30 million barrels of oil from the US Strategic Petroleum Reserve to oil companies, subject to further compensation, the department said in a statement on Thursday.

The U.S. Energy Department has unveiled plans to loan as much as 10 million barrels of crude oil from its Strategic Petroleum Reserve (SPR) located in Bryan Mound. The department is set to accept proposals from interested companies until 11 a.

PARIS (AP) — A group representing many of the world’s wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the Strait of Hormuz.