US Energy Secretary Wright says SPR will exceed 300 million barrels by end of Iran conflict

US Energy Secretary Chris Wright confirmed that the Strategic Petroleum Reserve currently holds approximately 300 million barrels, down from around 400 million before the US-Israeli conflict with Iran disrupted oil flows through the Strait of Hormuz. Wright said the reserve will grow beyond that 300 million barrel mark once the conflict ends, thanks to a repayment structure that doesn’t require additional taxpayer funding. What the drawdown actually looks like Since the Iran conflict escalated in late February 2026, the US government has released 172 million barrels from the SPR to offset supply disruptions. SPR inventories dropped from roughly 349 million barrels in June 2026 to somewhere between 298 and 305 million barrels by August 2026. To put 300 million barrels in perspective: the SPR’s capacity is around 714 million barrels. The current stockpile represents less than 42% of what the salt caverns along the Gulf Coast can actually hold. At peak levels in 2010, the reserve held nearly 727 million barrels. Wright framed the drawdown as a necessary response to real supply disruption. The Strait of Hormuz, through which roughly a fifth of the world’s oil passes on any given day, h...