U.S. Oil Futures Jump as White House Taps SPR
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- U.S. oil futures added about $6 a barrel in late trading after the Energy Department announced a draw from the Strategic Petroleum Reserve.
- Energy Department said the draw would be coordinated with similar market‑supporting actions by allies Germany and Japan.
- West Texas Intermediate futures for April delivery rose another 7% to above $93 per barrel in after‑hours trading, up from $87.25.
- Brent crude futures moved back toward $100 per barrel.
- Chris Wright indicated the SPR oil would start hitting the market next week and that releasing the authorized 172 million barrels would take roughly 120 days.
- Persian Gulf tensions were highlighted, with two tankers carrying Iraqi fuel oil ablaze, prompting the White House to brace for prolonged disruptions.
Why it matters: The authorized 172 million‑barrel SPR release, spread over roughly 120 days, signals the White House’s preparation for prolonged Persian Gulf disruptions, a move that lifted futures and gives producers a price boost while helping to stabilize supply for consumers and mitigating short‑term price volatility.
