Europeans talk to Iran about Hormuz + Hamas commander dead

The release is part of a larger US commitment to bring a total of 172 million barrels to the global market. The commitment was announced in March as part of an International Energy Agency initiative involving more than 30 countries and was expected to bring about 400 million additional barrels of oil to the global market.

Iran’s closure of the Strait of Hormuz, which carried 20 percent of the world’s oil and gas supplies before the conflict, has sent oil prices higher and increased inflationary pressures. Crude oil prices have risen by around 45 percent, or around $30 per barrel, since the start of the war.

So far, about 35 million barrels have been released from the reserve onto the market, according to the Energy Department.

The U.S. Strategic Petroleum Reserve is the world’s largest emergency reserve of crude oil and has been maintained by the U.S. government since 1975 to protect the economy from severe supply disruptions.