Washington, DC [US], March 12 (ANI): The United States Department of Energy has announced plans to release 172 million barrels of oil from the Strategic Petroleum Reserve beginning next week following significant volatility in oil prices triggered by the ongoing conflict in the Middle East.
In a post on X, the department said the distribution process would take approximately 120 days to complete based on planned discharge rates.
Global oil prices have climbed steadily since February 28, when US and Israeli forces initiated airstrikes against Iran. The strikes, which reportedly resulted in the death of Iran’s former supreme leader, have pushed the region into a deep state of conflict. Iranian retaliatory actions involving drones and missiles have disrupted shipping through the Strait of Hormuz, leaving global leaders grappling with the economic consequences.
Earlier, the International Energy Agency (IEA) announced the release of 400 million barrels of oil from the emergency reserves of its 32 member countries to address supply disruptions caused by the conflict. The emergency stocks will be released to the market based on the national circumstances of each member country and will be supplemented by additional emergency measures by some governments.
IEA member countries collectively hold more than 1.2 billion barrels in emergency reserves, along with around 600 million barrels of industry stocks maintained under government obligations.
However, according to a Wall Street Journal report, the move did little to interrupt the rise in crude prices. Futures for Brent crude, the global benchmark, traded 4.8 percent higher at $91.98 a barrel.
Meanwhile, the US Energy Department alleged that Iran was actively threatening the energy security of the United States and its allies through manipulation and threats.
In response, Tehran warned that it was prepared for an extended military confrontation with the United States and Israel, cautioning that such a conflict could “destroy” the global economy.
Despite the warnings, US President Donald Trump pledged on Thursday to “finish the job,” asserting that American military operations had already depleted most viable Iranian targets.
Tensions have escalated near the strategic Strait of Hormuz, a vital maritime corridor through which roughly 20 percent of the world’s oil supply passes. The disruption has rattled energy markets and prompted governments worldwide to release emergency reserves alongside a measured drawdown of US supplies.
Addressing the US-Israeli campaign during an appearance in Hebron, Kentucky, President Trump remained resolute, asking the crowd, “We don’t want to leave early, do we?”
The President confirmed that Washington intends to use US strategic reserves “a little” to help stabilize markets. This coincides with the International Energy Agency’s decision to coordinate a record release of 400 million barrels.
While Trump previously suggested that the hostilities might be nearing an end, claiming that with 28 Iranian mine-laying ships destroyed there was “practically nothing left to target,” he maintained control over the timeline.
“Any time I want it to end, it will end,” the President said during an interview with Axios.
However, the Israeli military has offered a different assessment, indicating that the operation is ongoing and that its forces maintain “a broad bank of targets.” (ANI)
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