The International Energy Agency said Wednesday its member countries would unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war, the biggest such release

The Department of Energy said the United States would contribute 172 million barrels of oil from the Strategic Petroleum Reserve, starting next week.

By Nidhi Verma NEW DELHI, March 20 (Reuters) - India's state-run Hindustan Petroleum has bought 2 million barrels of Angolan oil via a tender, three trade sources said, as reduced availability of costly Middle Eastern oil leads Indian refiners to shift to West African and Asia-Pacific grades.

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Attacks on multiple commercial ships around Iran on Wednesday increased global energy concerns and pushed nations to unleash strategic oil reserves.

Iran warns oil could hit $200 per barrel as U.S.-Israel strikes escalate, potentially triggering worst energy crisis since 1970s. Gas prices could hit $5.

The U.S. has agreed to release more than 150 million barrels of oil from its strategic petroleum reserve. What does that mean for the stockpile located in salt caverns along the Gulf Coast?

President Trump plans to tap into the U.S.’s oil stockpile, releasing 172 million barrels of oil. Asked about the Strategic Petroleum Reserve during a visit to Ohio, Trump told TV station Local 12,

Energy Secretary Chris Wright said Wednesday that the release of 172 million barrels ordered by Trump could take about 120 days to complete.

Electric vehicles are already cutting global oil demand at a scale that would have seemed unrealistic a few years ago. According to BloombergNEF, EVs avoided 2.3 million barrels of oil consumption per day in 2025.

Energy Secretary Chris Wright said Wednesday that the United States will release 172 million barrels from the Strategic Petroleum Reserve as part of the International Energy Agency’s efforts to combat steep oil prices amid the Iran war.