economy
March 8, 2026
Trump Refuses to Use Strategic Oil Reserves Despite Price Surge Due to Iran War
Oil prices on the world market have sharply increased a week after the start of the US and Israel war against Iran, but US President Donald Trump on Saturday rejected the possibility of using strategic oil reserves (SPR) to ease the pressure, AP reports.
TL;DR
- Oil prices jumped following the start of the US and Israel war against Iran.
- Brent crude reached $92.69 and US crude hit $90.90 per barrel.
- President Trump rejected using strategic petroleum reserves (SPR) to lower prices.
- Trump believes the US has ample oil and the market will stabilize.
- This decision occurs as Republicans face pressure over rising living costs before elections.
- Average US gasoline prices have climbed to $3.41 per gallon.
- Previous presidents used SPR during geopolitical crises, a move Trump criticized.
- The administration allowed India to temporarily purchase Russian oil.
- Consumers face uncertainty, with high prices in states like California.
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