Trump Orders Release of 172 Million Barrels from US Strategic Petroleum Reserve Amid Global Supply Crisis
President Donald Trump has ordered the release of 172 million barrels from the nation’s Strategic Petroleum Reserve (SPR). This action follows the International Energy Agency’s announcement that it will release 400 million barrels of emergency crude reserves from its 32 member nations.
Trump stated that the decision to release hundreds of millions of barrels comes in response to surging global oil prices reaching recent highs and concerns over an energy crisis. The driving factors include military conflict between the US-Israel coalition and Iran, as well as market anxiety regarding global energy supply.
US Energy Secretary Christopher Wright described the action as part of a coordinated reserve release by the IEA in conjunction with its member countries. The release is scheduled to begin next week, with the process expected to take approximately 120 days.
“For 47 years, Iran and its terrorist proxies have sought to kill Americans. They have manipulated and threatened America’s energy security and that of its allies. Under President Trump, those days will soon end,” Wright stated on Thursday, 12 March 2026.
The US maintains its strategic oil reserves in massive underground caverns in Texas and Louisiana. According to government data, the SPR contained approximately 415 million barrels as of last week.
In total, the IEA reported that accumulated reserves from member nations total over 1.2 billion barrels.
Oil Prices Remain Elevated
Despite the coordinated release by the US government and the IEA, global oil markets remain elevated. At the opening of trading on Thursday, 12 March 2026, West Texas Intermediate crude surged 7.5 per cent to approximately $93.80 per barrel, according to CNBC International.
Meanwhile, Brent crude oil rose approximately 7.7 per cent to $99.10 per barrel. The surge in oil prices occurred following military strikes launched by the US and Israel against Iran nearly two weeks earlier.
The situation has been further exacerbated by the near-total halt of commercial shipping activity through the Strait of Hormuz. This strategically vital waterway represents one of the world’s most critical oil distribution chokepoints, with approximately 20 per cent of global oil supply—roughly 15 million barrels daily—transiting through the strait.