The U.S. Department of Energy released 26.03 million barrels of crude oil from the Strategic Petroleum Reserve. This marks the third and largest loan since the start of the Iran conflict. Nine companies will receive the supply to help control surging fuel prices.
Major recipients include ExxonMobil Oil Corp, BP Products North America, and Marathon Petroleum. These refiners will use the crude as a buffer against ongoing geopolitical instability and logistical challenges. The market remains strained despite the recent reopening of the Strait of Hormuz.
The International Energy Agency has labeled the current situation the largest oil disruption in history. This government action aims to increase domestic supply and stabilize the economy for American consumers and industry.