The US to release 172 million barrels of oil from strategic reserve to stabilize prices

The US plans to release 172 million barrels of oil from its strategic reserve to stabilize prices in the energy market.

This was reported on the website of the Ministry of Energy.

The release of reserves is scheduled to begin next week and will last approximately 120 days. During this time, oil will be supplied to the market in accordance with the planned withdrawal rates.

This is part of a coordinated decision by the International Energy Agency. According to US Energy Secretary Chris Wright, the agencyʼs 32 member countries unanimously agreed to provide a total of 400 million barrels of oil and petroleum products from their strategic reserves.

The decision was made at the request of President Donald Trump to reduce energy prices.

The department also said that over the next year, the US plans to replenish the strategic reserve by approximately 200 million barrels, which is 20% more than it will use.

Following the start of the US and Israeli military action against Iran, global oil prices have surged, exceeding $100 per barrel for the first time in nearly four years. The average cost of a gallon of gasoline has risen by about 16% since the start of the war, to $3.45, and diesel prices have risen by 22%.

Whatʼs happening in the Middle East?

On the morning of February 28, the United States and Israel launched attacks on Iran. The Israelis called the operation "Lionʼs Roar", the United States called it "Epic Fury". The attacks killed Iranʼs Supreme Leader Ayatollah Ali Khamenei and nearly 40 other senior Iranian officials. A new ayatollah was elected on March 8, Mojtaba Khamenei (the son of the deceased Ali Khamenei).

Iran responded by launching ballistic missile attacks on Israel and US bases in the Gulf states of Bahrain, Kuwait, Qatar and the UAE. Some Iranian drones and missiles targeted infrastructure and residential areas in Arab countries. On the first day of the attacks, Iran launched a total of 541 drones.

On March 5, Iran attacked Azerbaijan for the first time — a drone crashed into the terminal building of the Nakhichevan airport. There were injuries. A ballistic missile launched from Iran was also shot down over Turkish territory.

For more news and in-depth stories from Ukraine, please follow us on X.