Energy secretary says move is part of broader release as oil prices soar due to supply shocks from US-Israel war on Iran
The United States will release 172m barrels of oil from its strategic petroleum reserve in a bid to reduce oil prices that have soared due to supply shocks from the US-Israeli war with Iran, US energy secretary Chris Wright said on Wednesday.
Wright said the release is part of a broader release of 400m barrels of oil agreed to by the 32-country International Energy Agency earlier in the day.