U.S. Energy Secretary Wright stated on Monday local time that, against the backdrop of the war with Iran, the Strategic Petroleum Reserve (SPR) might be released again, though he considered the likelihood to be very low. Wright's remarks did not significantly impact the oil market, as investors are currently more focused on U.S. President Trump's stance regarding the Middle East conflict. Earlier, Trump posted on social media that the United States and Iran had engaged in "very good and productive talks" over the past two days and that he had ordered a halt to all military strikes on Iran's power plants and energy infrastructure for five days. This news led to a sharp decline in international oil prices and a rebound in European and U.S. stock markets.

At the CERAWeek energy conference in Houston, Texas, Wright noted that despite the ongoing volatility in global oil prices due to the U.S.-Israel conflict with Iran, with prices remaining above $100 per barrel, they have not yet risen to levels that would trigger "demand destruction."

Wright's comments come amid one of the most severe energy crises in decades. The closure of key shipping channels in the Middle East and attacks on energy infrastructure, causing long-term damage, continue to disrupt global energy supplies. Oil prices have surged to multi-year highs, and U.S. fuel prices have risen sharply, potentially creating political pressure for Trump and his Republican Party ahead of the midterm elections.

Wright believes that the disruption to global energy flows caused by the blockage of the Strait of Hormuz will be "short-term," and current energy prices have not yet risen to levels that would significantly reduce fuel consumption.

To stabilize the market, the Trump administration is taking multiple measures, including coordinating with International Energy Agency (IEA) member countries to release the U.S. Strategic Petroleum Reserve. Wright stated that the U.S. plans to initially release 1 to 1.5 million barrels of crude oil per day, potentially increasing to 3 million barrels per day eventually.

He pointed out that the Asian region has been the most severely affected by this market disruption, and ensuring crude oil supply to local refineries is a government priority. "We want to deliver crude oil to Asian refineries to minimize refinery shutdowns as much as possible."

Wright also noted that the situation in Venezuela has "significantly improved" compared to several months ago, following the capture of President Maduro and the U.S. takeover of the OPEC member's oil exports. Crude oil production has now recovered to approximately 200,000 barrels per day.

After visiting Caracas last month, meeting with interim President Delcy Rodríguez, and inspecting oil fields, Wright stated that Venezuela will "eventually hold elections," though he did not provide a specific timeline.

Earlier in the day, IEA Executive Director Fatih Birol stated that the IEA is in discussions with member countries about another release of oil reserves to address the supply crisis triggered by the Middle East conflict. However, he warned that such measures would not fundamentally solve the supply shortage.

Birol claimed that since member countries recently agreed to release 400 million barrels from strategic reserves, he has maintained close communication with leaders in Asia, Europe, and North America to prepare for a second round of releases. "If necessary, we can release more crude oil and refined products into the market. However, it must be emphasized that releasing reserves is only a means to ease market sentiment, not a fundamental solution to the problem, and can only mitigate the economic impact."

Birol described the current situation as "extremely severe." He noted that the 1973 and 1979 oil crises resulted in daily supply reductions of approximately 5 million barrels each.

In contrast, since the bombing of Iran began on February 28, this crisis has caused a daily loss of approximately 11 million barrels of oil supply and disrupted around 140 billion cubic meters of natural gas supply.