US Loans 8.5M Barrels from SPR in Second Batch Amid Ongoing War Disruption

The US Department of Energy has loaned 8.48 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to four oil companies, in the second batch under the Trump administration's effort to curb fuel prices that have surged during the US-Israeli war on Iran.

The companies awarded SPR loans are Gunvor USA, Phillips 66 Company, Trafigura Trading, and Macquarie Commodities Trading. This is part of a wider agreement with 32 countries in the International Energy Agency (IEA) to release 400 million barrels.

The US aims to lend 172 million barrels from the SPR for delivery throughout this year and into 2027. The release of oil reserves is meant to control oil prices that have surged during the war, which the IEA said has led to the biggest oil disruption in history.