Talks on using oil reserves — in the range of 300 million to 400 million barrels — were first reported by the Financial Times, which added that the International Energy Agency would join the discussions.
Oil prices surged above $100 a barrel overnight, reaching the highest level since Russia launched its full-scale invasion of Ukraine in 2022.
In a social media post, U.S. President Donald Trump said that prices would “drop rapidly when the destruction of the Iran nuclear threat is over” and added that more expensive oil was “a very small price to pay for U.S.A., and World, Safety and Peace.”