World Leaders Weigh Using Oil Reserves Amid Middle East Conflict

Global leaders are reluctant to tap emergency oil stockpiles despite soaring energy prices due to disruptions in the Strait of Hormuz.

Published on Mar. 10, 2026

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A widening conflict in the Middle East has halted oil tankers, made targets of refineries, and spooked investors worried about the cascading impact of spiking energy prices. While many countries hold vast quantities of oil in emergency reserves, global leaders have so far responded with reluctance to using these stockpiles, citing concerns over the uncertain duration of the crisis and the potential need to maintain a buffer supply.

Why it matters

Oil is a global commodity, and flooding the market with a sudden stream of new supply from strategic reserves has international implications. Countries often coordinate with the International Energy Agency before tapping reserves, as the timing and duration of such a move is a delicate calculation that could further destabilize energy markets if not executed properly.

The details

Countries around the world, including the U.S., hold emergency oil stockpiles that can be used in a crisis. The U.S. maintains a massive Strategic Petroleum Reserve in underground salt caverns in Texas and Louisiana. However, tapping these reserves is not a simple decision, as it could have ripple effects on global oil prices and supplies depending on how long the current Middle East conflict lasts and how long the Strait of Hormuz remains blocked.

  • In late February 2026, a war erupted in the Middle East, with U.S. and Israeli attacks on Iran.
  • On Monday, March 10, 2026, Brent crude oil prices surged to nearly $120 a barrel, about 65% higher than when the war started.

The players

Donald Trump

The President of the United States, who downplayed the idea of turning to the Strategic Petroleum Reserve, saying supplies were ample and prices would soon fall.

Roland Lescure

The French Finance Minister, who chaired a meeting of the Group of Seven major industrialized powers and said the group was 'ready to take necessary and coordinated steps in order to stabilize markets, such as strategic stockpiling.'

Fatih Birol

The executive director of the International Energy Agency, who participated in the G7 meeting and noted the 'significant and growing risks for the market.'

Brenda Shaffer

An energy expert and professor at the Naval Postgraduate School, who said that the mere discussion of using strategic reserves could have a 'smoothing effect on the global oil market.'

Tom Seng

An energy finance professor at Texas Christian University, who said the key question on drawing down reserves remains 'how long will this conflict last?' and 'how long with the Strait of Hormuz remain blocked?'

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What they’re saying

“The key question on drawing down these reserves remains one of 'how long will this conflict last?' And, more importantly, 'how long with the Strait of Hormuz remain blocked?'”

— Tom Seng, Energy Finance Professor

“The price is up but it could get worse. What happens if this drags on for two, three months? Then you run into a situation where you lose your buffer.”

— Kenneth Medlock, Senior Director, Center for Energy Studies at Rice University

“As long as the market keeps hearing about these possibilities, I think that will have a smoothing effect on the global oil market.”

— Brenda Shaffer, Professor, Naval Postgraduate School

What’s next

The Group of Seven major industrialized powers will continue to monitor the situation and are prepared to take coordinated steps to stabilize energy markets, including potentially tapping strategic oil reserves, if the conflict in the Middle East persists and the disruption to global oil supplies worsens.

The takeaway

The reluctance of global leaders to immediately tap into strategic oil reserves highlights the delicate balance they must strike between addressing short-term price spikes and preserving a buffer supply in case the current Middle East conflict drags on. Any decision to release emergency stockpiles will require careful coordination to avoid further destabilizing the volatile global energy market.