US considering selling oil from strategic reserve, US energy chief says

U.S. Energy Secretary Chris Wright said the U.S. is considering coordinating Strategic Petroleum Reserve sales with releases from other countries as oil prices surge amid the war on Iran. A coordinated release is intended to ease near-term supply tightness and cap further upside in crude benchmarks. If implemented, the move would likely moderate oil prices and relieve inflationary pressure from energy, while weighing on producers' pricing power.

Analysis

U.S. Energy Secretary Chris Wright said the U.S. is considering coordinating Strategic Petroleum Reserve sales with releases from other countries as oil prices surge amid the war on Iran. A coordinated release is intended to ease near-term supply tightness and cap further upside in crude benchmarks. If implemented, the move would likely moderate oil prices and relieve inflationary pressure from energy, while weighing on producers' pricing power.