U.S. Energy Secretary Chris Wright said Monday the U.S. is considering coordinating sales of oil from the U.S. Strategic Petroleum Reserve with releases from other countries as prices soar during the war on Iran.

Wright, speaking at a natural gas plant in Colorado, said that the U.S. was not considering imposing restrictions on exports of U.S. energy as a way to control prices.

Global and domestic oil futures settled at the highest level since August 2022 as the war led by the U.S. and Israel has stranded tankers and shut in oil production in the Middle East.