The United States has announced a massive oil release from its Strategic Petroleum Reserve to combat the deepening energy crisis triggered by the escalating Iran-US war. The move comes as Iran's retaliation keeps the Strait of Hormuz blocked, affecting global oil supplies.
US Secretary of Energy Chris Wright said President Donald Trump authorized the release of 172 million barrels, which will take approximately 120 days to deliver. Wright emphasized that the US has arranged to replace these reserves with approximately 200 million barrels within the next year, 20% more than will be drawn down.
The decision aims to demonstrate Trump's commitment to protecting America's energy security. Wright accused Iran of manipulating and threatening the energy security of America and its allies, adding that the US military will ultimately prevail.
As tensions escalate, Iran has warned that the world should be ready for oil at $200 a barrel, while a deadly strike at Basra port in Iraq has killed at least one person and forced authorities to halt operations at all oil terminals.
