US plans release of 172 million oil barrels to calm markets amid Middle East tensions

The United States Department of Energy has announced plans to release 172 million barrels of crude oil from the country’s Strategic Petroleum Reserve, starting next week, as authorities attempt to calm volatile energy markets shaken by the ongoing conflict in the Middle East.

In a message posted on the social media platform X, the department said the distribution of the oil would likely take around 120 days, depending on the scheduled discharge rates.

Oil markets have been climbing steadily since 28 February, when military operations by the United States and Israel targeted sites in Iran through a series of air strikes.

Those attacks reportedly led to the death of Iran’s former supreme leader and triggered a wider regional conflict. Since then, Iran has launched retaliatory strikes using drones and missiles, while shipping through the strategically important Strait of Hormuz has been severely disrupted, raising fears of a major impact on global trade and energy supplies.

Earlier, the International Energy Agency (IEA) also announced a coordinated release of 400 million barrels of oil from emergency reserves held by its 32 member states in an effort to offset supply disruptions caused by the conflict. The agency said each member country would determine how much to release based on its national circumstances, with some governments also considering additional emergency actions.

According to the IEA, member states collectively maintain over 1.2 billion barrels of strategic reserves, alongside approximately 600 million barrels of industry-held stocks kept under government requirements.

Despite the large-scale intervention, a report by The Wall Street Journal indicated that the move had limited immediate impact on oil prices. Brent crude futures, the global benchmark, were still trading 4.8 percent higher at $91.98 per barrel.

Meanwhile, the U.S. Department of Energy accused Iran of jeopardising the energy security of the United States and its allies through threats and market manipulation.

Tehran responded by warning that it was prepared for a prolonged confrontation with the United States and Israel, cautioning that a wider war could severely damage the global economy.

Despite the escalating rhetoric, Donald Trump stated on Thursday that the United States intended to “finish the job,” claiming that American forces had already destroyed most of Iran’s key military targets.

The conflict has heightened tensions around the Strait of Hormuz, a critical maritime route that carries roughly 20 percent of the world’s oil supply. The disruption has unsettled energy markets and prompted governments to consider emergency measures, including the coordinated reserve releases.

Speaking during an event in Hebron, Kentucky, Trump reaffirmed his support for the joint military campaign with Israel and told supporters that the United States would also use a portion of its strategic oil reserves to help stabilise the market.

While the president had previously suggested the conflict might soon wind down—stating that the destruction of 28 Iranian mine-laying vessels had left “virtually nothing left to strike”—he emphasised that the timeline remained under his control.

“Any time I decide it’s over, it will be over,” Trump said in an interview with Axios.

However, Israeli military officials have offered a more cautious assessment, saying operations are still underway and that their forces continue to maintain a wide list of potential targets.