US ramps up emergency oil flows as prices swing on Iran strike pause

US Energy Secretary Chris Wright announced Monday that the United States is releasing 1 million to 1.5 million barrels of oil a day from the Strategic Petroleum Reserve (SPR), as part of stockpile deliveries that began last Friday.

Hours earlier, the International Energy Agency said it was prepared to coordinate additional stockpile releases as governments grapple with the largest oil supply disruption in history amid fallout from the US-Israel-Iran war. The IEA also warned that physical damage across the Middle East could impact supply for months.

These developments came as oil prices fell sharply Monday after US President Donald Trump announced a five-day pause on planned strikes on Iranian power infrastructure. 

Details: In a Truth Social post Monday morning, Trump walked back his threats to strike Iran following what he described as “very good and productive” talks with Tehran. The announcement quickly raised hope among traders that conflict de-escalation was underway as the war entered its fourth week with markets on edge.