Trump Announces Release from Strategic Petroleum Reserve Amid Iran Conflict
The move aligns with the International Energy Agency's (IEA) historic decision to release 400 million barrels from member countries' emergency stocks, the largest such action ever, surpassing the 182 million barrels released in 2022 following Russia's invasion of Ukraine.
President Donald Trump announced on March 11, 2026, that the United States will tap into the Strategic Petroleum Reserve (SPR) to address surging oil prices stemming from the ongoing U.S.-Israeli military operation against Iran, dubbed Operation Epic Fury, which commenced on February 28.
In remarks reported by local media, Trump stated, "We'll do that and then we'll fill it up," indicating a temporary drawdown to stabilize prices followed by replenishment. He expressed confidence that oil prices would decline significantly, saying, "Oil prices will be coming down... it’s going to come down more than anybody understands."
The move aligns with the International Energy Agency's (IEA) historic decision to release 400 million barrels from member countries' emergency stocks, the largest such action ever, surpassing the 182 million barrels released in 2022 following Russia's invasion of Ukraine. Energy Secretary Chris Wright confirmed the U.S. will contribute 172 million barrels, with releases beginning next week and spanning approximately 120 days.
Oil prices had spiked to nearly $120 per barrel on Monday but settled at $93.05 in after-hours trading on Wednesday, up 1.16% from $91.98. The SPR currently holds about 416 million barrels, up 5% since Trump took office, following drawdowns under the Biden administration that reduced it to around 350 million barrels—its lowest level since 1983. At the end of Trump's first term, the reserve stood at 638 million barrels.