The move is reportedly being considered with an eye toward refilling emergency reserves further depleted amid the war on Iran The administration of US President Donald Trump is considering extracting oil from beneath military bases to refill the depleted Strategic Petroleum Reserve, according to Bloomberg. Created in the mid-1970s, the SPR is an emergency stockpile meant to alleviate oil price spikes in times of supply disruptions. Global oil prices have soared above $100 a barrel in the wake of the US-Israeli aggression against Iran that began in late February, as Tehran has closed the Strait of Hormuz to “enemy ships.” Before the war broke out, the strategically important waterway accounted for roughly 20% of global crude trade. While Trump has downplayed the impact of the Strait of Hormuz blockade on the US economy, gasoline prices topped $4.50 a gallon this week on average for the first time since 2022.…