Iran war: Trump will release 172 million barrels of oil from Strategic Petroleum Reserve [View all]

Source: CNBC

Published Wed, Mar 11 2026 4:34 PM EDT Updated 10 Min Ago


The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs during the Iran war, Energy Secretary Chris Wright said Wednesday evening. The announcement comes after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.

“We’ll do that, and then we’ll fill it up,” Trump said in an interview with Cincinnati broadcaster WKRC. “I filled it up once, and I’ll fill it up again, but right now, we’ll reduce it a little bit, and that brings the prices down,” the president said.

Gasoline prices in the U.S. have risen to about $3.58 per gallon on average as the Iran war has triggered a massive disruption of global oil supplies, according to motorist group AAA. The current retail price is nearly 22% higher than the same period last month when gas cost about $2.94.

Trump’s comments come after the International Energy Agency agreed Wednesday to release 400 million barrels of oil to address the supply disruption. It is the largest release in the more than 50-year history of the IEA.

Read more: https://www.cnbc.com/2026/03/11/iran-war-trump-oil-strategic-petroleum-reserve.html