Name: 32 nations release emergency oil reserves; prices still soaring
Uploaded: 2026-03-12T16:27:53.000Z
Duration: 10 min 35 s
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Oil prices shot back up to over $100 a barrel over the overnight as Iran focuses more of its attacks on fuel tankers, fuel depots, infrastructure across the region.

Adverbs of degree

Just take a look at this video from Bahrain this morning.

The International Energy Agency is sounding new alarms saying that the war in the Middle east is causing the, quote, largest supply disruption in the history of the global oil market.

Main reason why oil has been stuck in the Middle east for more than a week, because right there, what you're looking at the Strait of Hormuz.

The iae, the IEA says the flow of crude and oil products through the Strait of Hormuz has reduced to a trickle.

Now President Trump is trying to blunt the impacts of this, authorizing the release of 172 million barrels of oil from the Strategic Petroleum Reserve.

That's part of a broader release of a record 400 million barrels agreed to by 30 the 32 nation International Energy Agency.

CNN business executive editor David Goldman is here with us.

Now you wrote that the IEA releasing 400 million barrels of oil is like smashing the brake in case of emergency glass.

Is that enough to sort of make things easier for people and businesses or is it just a drop in the bucket, so to speak?

Well, it's clearly not having an impact right now.

I mean, what John was just saying is so key.

The only thing that the oil market cares about is getting the Strait of Hormuz back open.

This was an extraordinary, extraordinary release of the Strategic Petroleum Reserve and it didn't have an impact at all on oil prices.

The fact that we went back above $100 last night is kind of tells you everything you need to know.

It's just not going to help unless we get that straight back open.

I'm curious how long, if this goes on for a few more weeks or months, how long before there's a breaking point where you.

It takes a long time for supply chains to recover.

Duration is key here because the longer this goes on, the more pain for you and me.

It's not just that we are filling our tanks at 360 today that could go to $4.

But truckers are filling their trucks with diesel, which is closing in on $5.

And all the stuff that's on those trucks is going to be more expensive for you and me.

The businesses that are loading stuff onto trucks, that costs more money for them and they're paying all these tariff costs.

Do you think that they're going to eat the cost of the fuel surcharges?

Those are costs that you and I are going to pay to ultimately, how high do you think this is going?

We're now when it, when it hits above 100 a barrel, we all feel it.

Where do you see this going if this continues to be blocked?

I mean we're a huge producer of oil in the United States, the largest in the world actually.

And so there's a point at which, you know, you can't make oil more expensive and people will continue to pay for it.

Everyone seems to think that $150 a barrel is the peak for this if the strait is just permanently closed.

So you know, that's five dollar gas, that's maybe $550 gas.

So you know, you have to wonder how much longer this is going to go and if we're going to get to that point.

Yeah, if the average is five or $5.50 in California, that means seven, eight dollars.

And we're starting to see some of those numbers creep up there in places like Los Angeles.

A lot of people worrying about this very particular issue that affects literally everybody in the world.

Joining us right now is the Energy Secretary of the United States to talk about this, Chris Wright.

Secretary, thank you for coming in to does this announcement about the drawdown of SPRO and with the IEA mean the problem is solved in your view?

The problem is Iran's behavior, Iran's military, Iran's threatening for American troops, their neighbors, energy markets for 47 years.

But the disruption of oil, temporary disruption of oil through the Straits of Hormuz, that's what the Strategic Petroleum Reserve is for.

So as we have a shortage of market coming through that avenue, we're going to bring oil to market through other avenues to get through a few weeks of a short term dislocation to get to a much better place on the other side.

That's the view from the United States, maybe the President.

But as we've seen overnight, Iran has a say in how long this goes on.

Israel has a say in how long this goes on as well.

With the IEA's announcement of releasing a third of emergency reserves yesterday, reaction overnight was oil went up over 100 again.

The message being then that the only thing that matters is Hormuz.

Can the United States declare victory success without the Strait of Hormuz being reopened now the Straits of Hormuz needs to be and will be reopened.

The US Military is there for the is there to solve a long term problem, which is Iran's had 47 years in ability to threaten this Straits of Hormuz and not long from now Iran would have nuclear arms and a massive missile program surrounding that.

This was a can that could not be kicked down the road.

One more administration we need to defang and we are defanging Iran's abilities to threaten American troops in the areas, its allies, its neighbors and global energy markets.

So yes, you've got to go through short term pain to solve a long term problem.

This is bold leadership of President Trump.

But understanding this going in the US Strategic Petroleum Reserve was at about half ish, I'll say full when the war started.

The President had campaigned secretary on refilling the strategic reserve right up to the top.

Why go to war in the Middle east with a depleted emergency reserve?

Well, number one, as we bring this oil out, it will be exchanges.

We'll pull out 170 million barrels and put over 200 barrels back, 200 million barrels back in at no cost to the taxpayer because the price of oil in the short term is higher right now than the price of oil a year.

You can, the flow rate can only be about 2 million and that's being optimistic barrels a day into the global system.

So you've got a long time to untwist this problem no matter what.

And of course this is in coordination with 30 countries.

The real issue right now is Asian refineries.

That's where oil coming out of the Gulf goes to.

So Japan is releasing at a much higher relative rate to their imports.

It's the Asian refineries that we want to keep running and tamp down the price of oil to the extent we can through this few weeks crisis.

He's thinking about what's best for the American people, what's best for the American economy and what brings safety to our troops in the region and brings, brings prosperity to the Middle East.

That is a troubled region that needs to, needs to have his one major problem fixed.

Secretary, the immediate focus is very clearly in some part and needs in likely becoming more part getting the Strait of Hormuz open the Biden administration when faced with threats, threats to shipping in a different regard, they formed a naval coalition with many countries to help protect shipping in the Red Sea when Iranian proxy, when an Iranian proxy fired at ships.

Why aren't you doing the same here when success is hinges on reopening the Strait of Hormuz?

Well, we will and are doing the same thing.

But right now all of our military assets are focused on degrading, destroying Iran's ability to threaten its neighbors, to threaten our troops.

So we're destroying their ability to produce missiles, to produce a nuclear program, to produce weapons of all kinds, not just their existing weapons, their ability to produce those weapons.

You will see the United States working with other nations to allow the return of traffic through the Straits of Hormuz.

We're less than two weeks into this 47 year long conflict.

But I've heard from, from many a smart person though who worked in previous administrations though, if it was safe for the US Navy to escort tankers through the Strait of Hormuz, they would be doing so right now.

All of our military assets right now are focused on destroying Iran's ability to wage war and terrorize the neighborhood.

When we can, when we can afford some additional assets to move tankers through the Straits of Hormuz, we will do that.

More ships were struck in the strait overnight.

Tankers on fire in the port of Oman added all up.

Are we in the midst of a severe global oil oil crisis, Secretary?

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32 nations release emergency oil reserves; prices still soaring

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