With volatility in international oil prices growing after U.S. and Israeli airstrikes on Iran, the United States decided to release 172 million barrels from its strategic reserves.
On the 11th, local time, Reuters said Energy Minister Chris Wright said U.S. President Donald Trump approved the Department of Energy's plan. Wright said, "The Department of Energy will release strategic reserves over about 120 days starting next week."
Trump, visiting Cincinnati, Ohio, said in an interview with local broadcaster WKRC, when asked about plans to use U.S. reserves, "We will do that," adding, "And then we will fill it back up."
Earlier, the 32 member countries of the International Energy Agency (IEA) agreed to supply a total of 400 million barrels from their emergency reserves to the market to stabilize oil prices. It is the largest amount in IEA history. The United States, also a member of the IEA, currently holds 415 million barrels in reserves.