PANews reported on March 12 that, according to Jinshi News, U.S. Energy Secretary Wright issued a statement regarding the release of the Strategic Petroleum Reserve, stating that the 32 member countries of the International Energy Agency unanimously agreed to Trump's request to coordinate the release of 400 million barrels of crude oil and refined products from their reserves to lower energy prices. As part of this action, Trump authorized the Department of Energy to release 172 million barrels of crude oil from the Strategic Petroleum Reserve starting next week. Based on the planned release pace, delivery is expected to be completed in approximately 120 days. At the same time, Trump pledged to ensure U.S. energy security through the responsible management of the Strategic Petroleum Reserve. The U.S. has already arranged to replenish its strategic reserves by approximately 200 million barrels over the next year—20% more than the planned withdrawal—at no cost to taxpayers.

Earlier today, attacks on two oil tankers in the Gulf region pushed oil prices up sharply in early trading.