The United States moved Thursday to tap 172 million barrels from its Strategic Petroleum Reserve as part of an urgent global effort to contain an oil price surge driven by Iran’s attacks on Middle Eastern energy infrastructure. The US contribution is part of a broader IEA coordinated release of 400 million barrels — the largest in the agency’s history — as Brent crude pushed back toward $100 a barrel. The reserve release represents one of the most significant peacetime energy policy actions taken by the US government.
President Trump announced the reserve drawdown, saying it would substantially reduce oil prices as the US wraps up its military campaign against Iran. Energy Secretary Chris Wright confirmed deliveries would begin the following week and take approximately four months to complete. Wright accused Iran of having deliberately manipulated and threatened the energy security of America and allied nations.
Iranian forces struck merchant ships near the Strait of Hormuz, oil infrastructure in Bahrain and Iraq, and the Omani port adjacent to the Mina Al Fahal export terminal. Three crew members aboard the Thai vessel Mayuree Naree were reported trapped after their ship was struck. Iraq halted all crude oil exports, and Oman cleared its main terminal of vessels as a precaution.
Despite the reserve release, Brent crude rose around 6% to nearly $98 a barrel, having briefly touched $100.29 during the session. West Texas Intermediate climbed 8.6% to $94.75. The oil price has risen from $60 at the year’s start, peaking at $119 earlier in the week before partially retreating.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel from $66. Deutsche Bank warned of stagflation risk. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European natural gas gained 7.7%.
Strategic Petroleum Reserve Tapped as US Races to Contain Oil Price Surge
