On Thursday, Treasury Secretary Scott Bessent announced that the Trump administration is contemplating another release of oil from the Strategic Petroleum Reserve. This move aims to drive down gas prices.

During an interview on Fox Business Network’s “Mornings with Maria,” Bessent stated, “The US has the option to independently initiate another SPR release to help curb the price increases.”

He further mentioned the possibility of allowing Iranian oil into the market, saying, “We might lift sanctions on approximately 140 million barrels of Iranian oil currently at sea.”

Bessent explained, “Essentially, this strategy would involve leveraging Iranian oil supplies to counteract price hikes for a temporary period of about 10 to 14 days as we persist with our current initiatives.”

On the same day, oil prices climbed to $118 per barrel, and according to AAA, the national average for gas reached $3.88 per gallon.