The United States will release 172 million barrels of oil reserves as part of an international energy agency coordinated plan.

The Trump administration plans to release 172 million barrels from the United States' emergency oil reserves. The Iran war has caused crude oil and gasoline prices to soar, and this is part of coordinated action by countries around the world to mitigate the situation. Energy Minister Chris Wright announced this news in a statement, stating that the release of these reserves is expected to take about 120 days to complete. The oil will come from the US Department of Energy's strategic petroleum reserve. Member countries of the International Energy Agency plan to release a total of 400 million barrels of reserves globally. Since the US and Israel began attacking Iran on February 28th, crude oil and gasoline prices have surged. The war has nearly paralyzed shipping in the Strait of Hormuz, through which approximately one-fifth of the world's oil is transported.