Trump Orders Release of 172 Million Barrels from Strategic Petroleum Reserve as U.S.-Iran War Drives Oil Prices Above $92

President Donald Trump has directed the release of 172 million barrels of crude oil from the United States Strategic Petroleum Reserve, as military conflict between the U.S. and Iran continues to push global energy prices to multi-year highs. Energy Secretary Christopher Wright confirmed the releases will begin next week and unfold over approximately 120 days. The action is part of a broader coordinated effort by the International Energy Agency, whose 32 member nations collectively announced the release of 400 million barrels from their combined emergency stockpiles. West Texas Intermediate crude was trading just above $92 per barrel on Wednesday evening, reflecting a single-day surge of roughly 7.2%. Oil prices initially spiked following the onset of U.S. and Israeli military strikes on Iran nearly two weeks ago and have remained elevated due to severe disruptions to shipping through the Strait of Hormuz — a critical waterway accounting for approximately 20% of global oil supply, or around 15 million barrels per day. Commercial tanker traffic through the strait has effectively halted amid fears of Iranian naval action, including possible deployment of sea mines. The Strategic Petroleum Reserve, housed in underground salt caverns across Texas and Louisiana, held approximately 415 million barrels as of last week. Wright stated the administration intends to replenish the reserve with 200 million barrels within the coming year. Despite the scale of the release, energy economists caution that drawing down reserves addresses symptoms rather than causes. Cornell University history professor Nicholas Mulder, who specializes in the economic effects of wars and sanctions, noted that while the reserve release offers some relief, it cannot resolve the fundamental supply disruption driving price increases. The IEA's emergency reserve framework was originally established in the 1970s following an Arab oil embargo and has been activated periodically during major global supply shocks, most recently during the 2022 Russia-Ukraine conflict.