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.

(NEXSTAR) – Amid rising gas and energy prices and with the key passageway for oil shipping still closed, the U.S. and other members of the International Energy Agency said they will release the largest volume of emergency oil reserves in its history.

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

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.

The Trump administration said on ​Thursday that it was offering to loan ‌up to 30 million barrels of crude oil from the West Hackberry Strategic Petroleum Reserve site, marking the ​third solicitation of proposals from oil companies ​since fuel prices spiked due to the U.

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.

America will release 172 million barrels of oil from its strategic reserve. This move aims to reduce soaring oil prices. The release is part of a larger international effort. It follows attacks on Iran by the US and Israel.