U.S. to release 172 million barrels of oil, starting next week

WASHINGTON - The United States said Wednesday it will release 172 million barrels of oil from its emergency stockpiles, starting next week, in a bid to lower energy prices, which have surged due to the U.S.-Israeli war with Iran.

The U.S. amount is part of a coordinated release of 400 million barrels of oil committed by 32 members of the International Energy Agency earlier in the day, according to U.S. Secretary of Energy Chris Wright.