The United States says it will release 172 million barrels of oil from its strategic petroleum reserves as Iran’s war with the United States begins to impact global energy supplies. It comes as Iran retaliated by blocking the Strait of Hormuz, a key passage through which about a fifth of the world’s oil and liquefied natural gas transports. Follow the latest developments in the Iran-US war
“President Trump authorized the Department of Energy to release 172 million barrels of strategic petroleum reserves starting next week. Based on the planned release rate, this will take approximately 120 days to deliver,” U.S. Energy Secretary Chris Wright said in a statement.
Wright said U.S. President Donald Trump has pledged to “protect America’s energy security through responsible management of the Strategic Petroleum Reserve.” “This action demonstrates his commitment to that commitment,” Wright said, adding that the United States had arranged for “more than just replacing these strategic stockpiles.”
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“Unlike the previous administration, which led to the depletion and damage of U.S. oil reserves, the United States has arranged to replace these strategic reserves with approximately 200 million barrels of oil over the next year, 20 percent more barrels than will be used, at no cost to taxpayers,” Wright said, accusing Iran of 47 years of intent on killing Americans. “They manipulated and threatened the energy security of the United States and its allies. Under President Trump, those days are coming to an end,” he said.
“Rest assured, America’s energy security remains as strong as ever.”
Earlier, Wright expressed hope in an interview with Fox News that the situation along the Strait of Hormuz would return to normal in the coming weeks. “This is about getting the world through this, even though these financial flows are restricted by Iran, but ultimately the U.S. military is going to win,” Wright said. “Hopefully in the next few weeks we’ll start to see ship traffic return to the Strait of Hormuz.”
At the same time, in a stern warning, Iran says world should prepare for $200 oil price It targeted several oil tankers in Iraqi waters and other vessels near the strategic Strait of Hormuz, including a Thai-flagged cargo ship bound for India.
Meanwhile, at least one person was killed in a deadly attack on the Iraqi port of Basra on Thursday, the Associated Press reported, citing officials. The strike forced authorities to halt operations at all oil terminals in the country.
A ship engaged in ship-to-ship oil transfers at the Persian Gulf port of Basra was targeted in the attack, officials said, adding that it was unclear whether the ship was hit by an air strike or a maritime drone strike. Thirty-eight people have been rescued since the attack.
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