As the conflict in Iran escalates with no immediate end in sight, the U.S. Department of Energy is further tapping the country’s emergency oil supply.
On Wednesday, officials announced plans to lend an additional amount 10 million barrels of crude oil of the Strategic Petroleum Reserve (SPR) – part of a 172 million barrel cut that critics say could leave the United States vulnerable as West Texas Intermediate (WTI) crude prices rise above $111 per barrel.
Crude oil is expected to be extracted from the Bryan Mound site in Texas, and the department is also accepting proposals from oil companies through Monday.
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The latest move is part of an agreement with 32 other countries to release a total of 400 million barrels of oil from reserves. The International Energy Agency (IEA) held an emergency meeting at its Paris headquarters last month with energy representatives from G7 countries to “assess market conditions”, which IEA executive director Fatih Birol said “have been significantly affected by the conflict in the Middle East”.
In an aerial view, Marathon Petroleum Corp’s Los Angeles refinery is seen April 2, 2026 in Carson, California. (Getty Images)
“The oil market challenges we face are of an unprecedented scale. Therefore, I am very pleased that IEA member countries have responded with emergency collective action of an unprecedented scale,” Birol said after the announcement of the release of emergency oil reserves.
The Department of Energy did not immediately respond to Fox News Digital’s request for comment, but
