Washington: The United States is preparing to release 172 million barrels of crude oil from its strategic reserves in a bid to lower oil prices that have been affected by supply disruptions due to ongoing conflicts involving the U.S., Israel, and Iran. This release aims to stabilize the market amidst growing tensions in the Middle East.

According to Thai News Agency, U.S. Energy Secretary Chris Wright announced that this initiative is part of a larger agreement with the International Energy Agency, which encompasses 32 countries, to release a total of 400 million barrels of oil. The release process is expected to commence next week and will span approximately 120 days.

The conflict began on February 28 when the U.S. and Israel launched an offensive against Iran. In response, Iran retaliated with attacks on Israel and Gulf states hosting U.S. bases. This escalation poses a threat to the global economy, as Iran's Islamic Revolutionary Guard Corps has warned of blocking oil shipments from the Persian Gulf if hostilities continue. The resulting state of war has caused uncertainty in global markets.

Earlier this week, U.S. President Donald Trump mentioned that the government would only slightly reduce its strategic oil reserves. However, Energy Secretary Wright confirmed that the U.S. has devised a plan to replenish the reserves with approximately 200 million barrels of oil, aiming to compensate for any deficits. This replenishment process is anticipated to be completed by next year.