Japanese oil refiners have requested the government to release crude from the strategic petroleum reserves due to rising concerns about supply disruptions amid the escalating conflict between Iran and Israel.

The U.S. Strategic Petroleum Reserve, world's largest emergency oil stockpile, won't release oil after U.S.-Israeli actions on Iran, according to a source. President Biden previously ordered a massive release due to Russia's Ukraine invasion.

(The Center Square) – About 1 million barrels of crude oil that will go toward replenishing the nation’s Strategic Petroleum Reserve have been purchased, the U.S. Department of Energy said Thursday. The oil will be delivered to the Bryan Mound ...

The United States’ Strategic Petroleum Reserve hit a four-decade low in mid-2023—at 347 million barrels, or less than half the reserve’s capacity—and today stands at 410 million barrels or 57% of the SPR’s 714 million barrel authorized capacity.

The U.S. has no immediate plans to release oil from the Strategic Petroleum Reserve despite recent geopolitical tensions involving an attack on Iran. According to a source, oil markets are currently well-supplied.

Oil remains above $70 despite a massive U.S. inventory build as Iran tensions and Strait of Hormuz risks embed a geopolitical premium into crude prices.