Trump Taps Strategic Petroleum Reserve in Response to Iran Shipping Attacks

President Trump has ordered the release of 172 million barrels from the strategic petroleum reserve to cushion the blow to global oil supply from the paralysis of the Strait of Hormuz as Iran starts striking vessels in the passage. The release will be part of the larger release of up to 400 million barrels announced by the International Energy Agency earlier this week. In a statement, U.S. Energy Secretary Chris Wright said the release will begin next week and last for 120 days. “Earlier today, 32 member nations of the International Energy…