The U.S. Department of Energy announced that it will loan 53.3 million barrels of crude from the Strategic Petroleum Reserve (SPR) to energy companies as part of a global effort to stabilize oil markets amid the U.S.-Israeli conflict with Iran. The loan follows a larger March agreement to release a total of 172 million barrels, with contributions from over 30 International Energy Agency (IEA) member countries.
Nine companies, including Exxon Mobil, Trafigura, and Marathon Petroleum, borrowed about 58% of the 92.5 million barrels offered last month. The DOE said the loans will be repaid in crude with premiums up to 24%, helping to stabilize markets at no cost to U.S. taxpayers. The SPR, stored in caverns along Texas and Louisiana coasts, currently holds around 384 million barrels, roughly four days of global oil consumption.
Rising fuel prices, which averaged $4.52 per gallon as of May 11, 2026, have intensified political pressure in the U.S., particularly ahead of the November midterm elections. Fatih Birol, head of the IEA, described the conflict-driven supply disruptions as the biggest-ever energy crisis, warning that further releases from strategic reserves may be required if disruptions persist.
