The United States and its allies are preparing a large release of emergency oil reserves after global energy prices surged amid the escalating conflict with Iran.
Chris Wright, the U.S. energy secretary, said Wednesday that the International Energy Agency had unanimously agreed to coordinate with President Donald Trump on releasing 400 million barrels of oil and refined fuel from strategic reserves.
The move comes as gasoline prices rise sharply for consumers, an issue Republicans view as politically sensitive ahead of the 2026 midterm elections.
Despite the announcement, oil markets continued to climb. The global benchmark Brent crude rose more than 8% overnight, pushing prices above $100 per barrel.
Wright said Trump had authorized the United States Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, with deliveries expected to begin next week. The drawdown is expected to take about 120 days to complete.
He added that the administration has already arranged to replenish the reserve with roughly 200 million barrels within the next year — about 20% more oil than will be withdrawn — and said the replenishment would come at no cost to taxpayers.
Even with the planned release, the Strategic Petroleum Reserve remains near its lowest level in decades. As of early March, the reserve held about 415 million barrels of oil.
Trump’s plan would tap roughly 41% of that stockpile.
“We’ll do that, and then we’ll fill it up,” Trump said during a visit to Ohio and Kentucky. “I filled it up once, and I’ll fill it up again. Right now we’ll reduce it a little bit, and that brings the prices down.”
Oil markets have been shaken by the war with Iran. On March 8, crude prices crossed the $100-per-barrel threshold for the first time since 2022.
According to analysis from Rapidan Energy Group, about 20% of the global oil supply has been disrupted during the first nine days of the conflict — more than double the previous record set during the 1956–57 Suez Crisis.
At the pump, the national average price for gasoline reached $3.578 per gallon on Wednesday, according to AAA.
The Trump administration has maintained that any economic pain from the conflict will be temporary. Officials have also discussed measures to protect oil shipments through the Strait of Hormuz, including the possibility of U.S. Navy escorts for tankers navigating the war-disrupted route.
