The United States will release 172mn barrels of oil from its emergency stockpiles starting in the week as part of an effort to curb rising energy prices following the outbreak of war between US and Israeli forces with Iran.

According to Kyodo News, the move by Washington forms part of a co-ordinated release of 400mn barrels of oil agreed late on March 11 by 32 members of the International Energy Agency (IEA), according to the US secretary of energy, Chris Wright.

It is understood the oil will be drawn from the US Strategic Petroleum Reserve, with the release expected to take about 120 days in all.

“For 47 years, Iran and its terrorist proxies have been intent on killing Americans. They have manipulated and threatened the energy security of America and its allies,” Wright said. “Under President Trump, those days are coming to an end” he added.

The collective action by the IEA marks the first such co-ordinated release since 2022, when Russia launched its full-scale invasion of Ukraine. In Asia, Japan and South Korea have also announced similar moves with Tokyo doing so before the IEA acted.

The planned release of 400m barrels from the emergency reserves of 32 countries which includes several European states as well as Japan and South Korea, will be the largest co-ordinated drawdown ever undertaken.