Middle East War Rattles Energy Markets: US to Release 172 Million Barrels from Oil Reserve

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US to release 172M barrels from oil reserve as Middle East war jolts markets

Oil prices have surged since February 28, when the United States and Israel launched air strikes on Iran that killed its supreme leader and plunged the Middle East into conflict.

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Moneycontrol•12-03-2026, 05:54

US to release 172M barrels from oil reserve as Middle East war jolts markets

•US Department of Energy to release 172 million barrels from strategic petroleum reserve starting next week.
•The release, taking 120 days, aims to stabilize oil prices disrupted by the Middle East war.
•Iran is accused of manipulating energy security and warned of a prolonged war that could destroy the world economy.
•US President Donald Trump vowed to "finish the job" against Iran, stating little is left to target after striking 28 vessels.
•International Energy Agency will release 400 million barrels; Israel's military indicates the campaign is far from over.

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