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Oil prices have surged since the United States and Israel launched their war against Iran, and President Donald Trump is now turning to the Strategic Petroleum Reserve in a bid to steady energy markets. The Trump administration confirmed it will release 172 million barrels from the reserve starting next week, with deliveries rolling out over roughly 120 days.

The move comes after Trump previously downplayed the need to draw on reserve oil when the Iran war began, saying U.S. supplies were ample and that prices would soon fall. That stance shifted during the week as the International Energy Agency pledged to release 400 million barrels of oil available from member nations’ stockpiles—described as the largest emergency release volume in the organization’s history.

The U.S. is one of the IEA’s 32 member countries, and the administration’s confirmed reserve draw is designed to fit within the broader IEA effort. The plan places a focus on emergency stockpiles as oil markets have been hit by supply disruptions tied to the escalating war.

The Strategic Petroleum Reserve, a U.S. stockpile meant to address major supply shocks, is made up of underground salt caverns in Texas and Louisiana. The reserve can hold more than 700 million barrels of oil, though it is not currently full. The U.S. Energy Department has said the reserve held more than 415 million barrels as of the end of last month.

The reserve was created after the 1970s Arab oil embargo, giving the United States oil that could be used during an emergency. Energy Department data cited by AP shows that the amount stored peaked more than a decade and a half ago, when it held more than 726.6 million barrels at one point.

Whether tapping the reserve will quickly translate into cheaper gasoline for drivers remains uncertain. Pulling oil from the reserve can offer short-term relief, but the supply does not immediately reach consumers, and multiple factors influence what happens at the pump. AP reported that AAA put the national average gasoline price at nearly $3.60 per gallon on Thursday—up about 35 cents from the prior week and 65 cents from a month earlier.

Refineries typically buy crude oil in advance, meaning higher prices at the crude level can continue to affect retail prices after a reserve draw begins. AP also noted that gasoline averages vary widely by state due to factors such as nearby refinery supply, local fuel requirements and different tax rates, with California averaging nearly $5.37 per gallon and Kansas about $3.04 on Thursday.

In the background, the reserve has been used before for a range of disruptions and objectives, including offsetting impacts from hurricanes and ship-channel closings and, at times, raising money for deficit reduction. Former presidents have also authorized reserve withdrawals during periods of geopolitical strain, including President Joe Biden’s drawdown in 2022 following Russia’s invasion of Ukraine and other releases tied to earlier conflicts and disruptions during the 1991 Gulf War and 2011 Libya-related supply problems.

In this latest cycle, AP linked the reserve pull to the Iran war’s strain on global energy flows. AP said the flow of oil tankers through the Strait of Hormuz has all but stopped, cutting off a key passageway that carries roughly one-fifth of the world’s oil on a typical day. AP also reported that major regional producers—including Iraq, Kuwait and the United Arab Emirates—have cut production as they face storage limits, and that the war’s strikes on oil and gas facilities are worsening supply concerns.

AP reported that the price for Brent crude—used as an international benchmark—was back over $100 a barrel on Wednesday, up from nearly $70 late the prior week. Benchmark U.S. crude was reported at $96.12 in morning trading, and the Trump administration’s plan to pull 172 million barrels from the reserve is meant to respond to those market pressures as the IEA makes 400 million barrels available.

The administration’s plan also raised the question of how reserve oil is physically withdrawn. AP explained that oil is lighter than water and that water is pumped into the salt caverns to make the crude float to the surface, where it is captured and sent through pipelines to refineries.