The U.S. will release 172 million barrels of oil from its strategic ‌petroleum reserve in a bid to reduce oil prices that have soared due to supply shocks from the U.S.-Israeli war on Iran, U.S. Energy Secretary Chris Wright said on Wednesday, Reuters reported.
Wright said the release is part of a broader release of 400 million barrels of oil agreed to by the 32-nation International Energy Agency earlier in the day.
Wright said the release will begin next week and will take about 120 days to deliver, according to Reuters.
