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US to release 172m barrels from SPR as Middle East war fuels global oil surge

Financial Times Markets •
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The United States will draw down 172 million barrels from its Strategic Petroleum Reserve as part of a coordinated global effort to release 400 million barrels of crude oil. This move comes amid escalating tensions in the Middle East, where conflict has significantly disrupted regional energy production and raised concerns about global supply stability. The release aims to ease soaring energy prices and bolster market confidence during a period of heightened geopolitical risk. 172 million barrels represents a substantial portion of the total 400 million barrels being made available by participating nations. Global oil markets reacted positively to the news, with futures prices showing immediate declines as the supply injection provided immediate relief to tight inventories.

This coordinated action underscores the international community's commitment to managing the energy crisis exacerbated by the ongoing conflict.