Washington: With global crude oil prices rising amid tensions involving Iran, US President Donald Trump has ordered the release of 172 million barrels of crude oil from the country’s emergency reserves to help stabilise the market.
The United States maintains the Strategic Petroleum Reserve (SPR) as a key energy-security buffer and is considered the world’s largest emergency crude stockpile. The SPR has a total storage capacity of about 710 million barrels, and current holdings are reported to be around 410 million barrels.
Officials say the reserve is intended to cushion the economy during disruptions such as war or natural disasters by helping curb sharp price increases and supply shocks.
The latest move comes as Iran is said to have blocked the Strait of Hormuz, creating a shortage and pushing up international prices. The US Energy Secretary, Christopher Wright, said the release will begin next week and continue for roughly 120 days.
