The U.S. will start refilling its Strategic Petroleum Reserve in the next few months, Wright announced, following heavy releases of 172 million barrels coordinated with the International Energy Agency to ease global supply strains from Iran-linked conflicts and Strait of Hormuz issues.
Inventories now hover near 285 million barrels, far below historical levels. Oil prices rose on the news, though some voices express doubt about the timeline amid high costs and past delays, with ideas like Venezuelan crude swaps in discussion to aid the effort.