The US is not considering releasing oil from its strategic petroleum reserve, signalling Washington believes any surge in prices following its attack on Iran will be limited.
There have been “no discussions at all about the SPR”, a Department of Energy official told the FT, when asked about preparations the Trump administration had made to prevent a surge in crude prices that could dent the economy and send consumer prices higher.
Oil prices are expected to jump on Sunday when markets reopen at 6pm in New York as traders react to concerns the war could disrupt oil supplies in the Middle East. Brent, the international benchmark, settled at $72.87 a barrel on Friday.
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