Trump administration to release 172 million barrels of oil from strategic reserve

President Trump has authorized the release of 172 million barrels of oil from the Strategic Petroleum Reserve in response to soaring oil prices due to escalating tensions with Iran. The release, beginning next week, is part of a coordinated effort with the International Energy Agency, which will release a total of 400 million barrels. While the U.S. plans to replenish its reserves within a year, experts caution that this measure won’t resolve the underlying supply issues driving prices higher amid fears of disruptions in the Strait of Hormuz.

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