Khaberni - U.S. Energy Secretary Chris Wright said early Thursday that the United States will release 172 million barrels of oil from its strategic reserve in an attempt to decrease the sharply increased oil prices due to supply disruptions caused by the American-Israeli war against Iran.
Wright explained that this decision is part of a broader plan to release 400 million barrels of oil, which was approved by the International Energy Agency earlier in the day.
Wright noted that the release process will begin next week and will take about 120 days.
In a statement on Wednesday, U.S. President Donald Trump said that the United States will use "a little" of its strategic oil reserves, after the International Energy Agency stated that its member countries would take similar steps amidst the ongoing war with Iran.
Trump said in an interview with "Local 12" TV channel in Cincinnati, Ohio, in response to a question about whether he would use the U.S. strategic oil reserve "Right now we will reduce it a little, which will lower the prices."
Oil prices rose nearly five percent at the settlement on Wednesday amid worsening fears of supply disruptions due to new attacks on ships in the Strait of Hormuz, while analysts said that the International Energy Agency's suggestion of a record withdrawal from oil stocks is not sufficient to alleviate these concerns.
Brent crude futures increased by $4.18, or 4.8 percent, to record $91.98 per barrel at the settlement. West Texas Intermediate crude increased by $3.80, or 4.6 percent, closing at $87.25 per barrel.
Since Saturday, February 28, Israel and the United States have been carrying out air strikes on Iran, which led to the killing of Iran's Supreme Leader Ali Khamenei, and since then, Tehran has retaliated by attacking Israel and countries in the region with missiles and drones.
Iran has executed a naval blockade on the passage of ships through the Strait of Hormuz, and targeted oil tankers attempting to pass through it.
