The U.S. will ​release 172 million barrels of oil from the Strategic Petroleum Reserve in a bid to reduce oil prices that have soared due to supply shocks from the U.S.-Israeli war on ​Iran.

The releases will start next week and take about 120 days, U.S. secretary of energy Chris Wright said Wednesday in a statement.

The move is part of a coordinated release of 400 million barrels of oil and refined products agreed ​ by the 32-member nations of the International Energy Agency earlier in the ​day.

“I’m pleased to report that earlier today, the IEA agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves… which will substantially reduce the oil prices as we end this threat to America…,” the US president Donald Trump said earlier this week.

The U.S. has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year.

Wright said in his statement that the previous administration had left “America’s oil reserves drained and damaged.”

“We’re going to be doing it very quickly – and then we’ll fill it up,” Trump told reporters when he was asked about the release of oil from the strategic reserves.

Wright said there is an interruption in oil flows through the Strait of Hormuz, and there are attempts to offset some of that missing oil by releasing oil from over 30 countries around the world to solve that.

US president Donald Trump has sought to unfreeze ship traffic, promising insurance coverage for ships and repeatedly threatening Iran with severe strikes if it tries to block the Strait of Hormuz.

In a statement regarding the IEA and the U.S. Strategic Petroleum Reserve (SPR), the energy secretary said: “Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves.

“As part of this effort, President Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week. This will take approximately 120 days to deliver based on planned discharge rates.

“President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise. Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year – 20% more barrels than will be drawn down – and at no cost to the taxpayer.”