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Trump Says Oil $96, U.S. Releases 172 M BarrelsTrump Says Oil $96, U.S. Releases 172 M Barrels

6/6/2026

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Summary

Story summary

President Donald Trump said oil is $96 a barrel, far below $300 forecasts.
WTI fell to $92.69 and Brent to $94.98 per barrel.
The administration will release 172 million barrels from the Strategic Petroleum Reserve as U.S. exports rose 2 million barrels per day in May.
China cut inbound shipments by 40% in May, while Strait of Hormuz transits fell to 2-3 vessels per day and U.S. inventories hit a two-decade low.

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Story summary

President Donald Trump said oil is $96 a barrel, far below $300 forecasts.
WTI fell to $92.69 and Brent to $94.98 per barrel.
The administration will release 172 million barrels from the Strategic Petroleum Reserve as U.S. exports rose 2 million barrels per day in May.
China cut inbound shipments by 40% in May, while Strait of Hormuz transits fell to 2-3 vessels per day and U.S. inventories hit a two-decade low.