US Won't Tap Oil Reserve Over Iran Concerns, Cites Record Production

• The Trump administration has no immediate plans to release oil from the Strategic Petroleum Reserve (SPR) despite surging crude and gasoline prices following the Iran conflict.
• A decision to tap the SPR could temporarily stem price spikes; the reserve currently holds about 415 million barrels.
• White House Press Secretary Karoline Leavitt stated that US policies have led to record oil production, with Energy and Treasury departments monitoring markets to keep prices stable.
• Secretary of State Marco Rubio announced a program to mitigate energy costs due to the conflict, starting Tuesday, after discussions with Treasury Secretary Scott Bessent and Energy Secretary Chris Wright.
• Any release from the reserve would likely be coordinated with International Energy Agency nations, though a crisis in the Strait of Hormuz could outlast emergency supplies.