Trump: "Release from the Strategic Petroleum Reserve to stabilize energy prices"…Responding to fallout from the Iran war

U.S. President Donald Trump said he would release oil from the Strategic Petroleum Reserve (SPR) to bring down energy prices that have surged due to the military clash with Iran.

According to CNBC on the 11th (local time), Trump said in an interview, "We will release some of the Strategic Petroleum Reserve to lower energy prices," adding, "When prices stabilize, we will refill it."

The current average U.S. gasoline price was estimated at about $3.58 per gallon. That is roughly 22% higher than about $2.94 a month earlier. The increase reflects intensifying upward pressure on energy prices as concerns grow over disruptions to global crude supply following U.S. and Israeli attacks on Iran.

The move came after the International Energy Agency (IEA) agreed the same day to release 400 million barrels from strategic stockpiles to respond to global supply disruptions. It is said to be the largest release in the IEA’s 50-year history.

According to Walter Bloomberg, the U.S. Department of Energy said it had received approval for a plan to release about 172 million barrels from the SPR starting next week.

The U.S. SPR currently stands at about 415 million barrels, roughly 58% of its total storage capacity of 714 million barrels. Whether the U.S. will take part in the IEA’s coordinated release will ultimately be decided by President Trump.