The US Department of Energy said on Wednesday it will seek to lend up to 40 mln barrels from the Strategic Petroleum Reserve to energy firms to help lower fuel prices. The loans are part of a previously announced 172 mln-barrel SPR release; about 133 mln barrels have been lent so far. In March, after the US and Israel launched a war on Iran on Feb. 28, the US and roughly 30 IEA members agreed to jointly release about 400 mln barrels to help stabilize the oil market. US SPR stocks stood at 349.2

The US Department of Energy said on Wednesday it will seek to lend up to 40 mln barrels from the Strategic Petroleum Reserve to energy firms to help lower fuel prices. The loans are part of a previously announced 172 mln-barrel SPR release; about 133 mln barrels have been lent so far. In March, after the US and Israel launched a war on Iran on Feb. 28, the US and roughly 30 IEA members agreed to jointly release about 400 mln barrels to help stabilize the oil market. US SPR stocks stood at 349.2 mln barrels, the lowest since Aug 2023. Borrowers must return an equivalent volume and pay up to a 24% premium in additional oil.