Trump Signals US Will Tap Oil Reserve to Ease Price Shock

Trump Says US Won't Leave Iran Early, Oil Will Come Down

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By Ari Natter and Hadriana Lowenkron

March 11, 2026 at 8:13 PM UTC

Updated on

March 11, 2026 at 10:25 PM UTC

President Donald Trump indicated he would tap the US Strategic Petroleum Reserve to help ease oil prices that have soared amid the war with Iran and threaten to further squeeze American households worried about costs of living.

“I’m pleased to report that earlier today, the International Energy Agency agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves around the world,” Trump said during an event in the Cincinnati area Wednesday.