US Energy Secretary Chris Wright defended Washington’s decision to release oil reserves amid the war involving Iran. He said the world is facing a significant short-term disruption in order to secure global energy flows in the long run. The US has announced plans to release about 172 million barrels of oil from its Strategic Petroleum Reserve as part of a coordinated international effort aimed at stabilising global markets.

Around 30 countries are participating in the emergency move, which could release roughly 400 million barrels of oil into the global system to offset disruptions triggered by the conflict. Energy markets have been rattled by tensions in the Strait of Hormuz, one of the world’s most critical oil shipping routes. The United States currently holds about 415 million barrels in its Strategic Petroleum Reserve.