StudioX News | March 12, 2026

The Trump administration has committed to releasing 172 million barrels from the Strategic Petroleum Reserve (SPR), spearheading the International Energy Agency’s record 400-million-barrel global oil drawdown to counter price surges from the Iran war and Strait of Hormuz disruptions.

Crisis Ignites Global Response

Iran’s naval actions have effectively sealed the Strait of Hormuz—20% of world oil transit—hitting at least 13 vessels and slashing 15 million barrels daily from markets. Oil prices spiked above $119/barrel before easing on the IEA announcement. The U.S. leads with its massive share, outpacing Japan’s 80 million and South Korea’s 22.46 million barrels; deliveries start next week over 120 days.

Trump’s Sudden Reversal

Just days ago, President Trump dismissed SPR use, claiming U.S. oil abundance and prioritizing military needs—echoing his past attacks on Biden’s 180-million-barrel 2022 release. Interior Secretary Doug Burgum called it Trump’s decision that morning; by evening, Energy Secretary Chris Wright confirmed the plan, promising 200 million barrels refilled next year.

Reserves at Breaking Point

SPR stocks sit at 415 million barrels—58% capacity, lowest since the 1980s—with this drawdown emptying over 41% of holdings. Critics highlight unfulfilled refill pledges: despite $20 billion requests, Congress approved under $171 million, favoring tax cuts. Experts like Macquarie warn reserves offer short-term relief only; prices may meme-stock until peace.