US releases 53.3 million barrels from oil reserve amid Iran war
The US Department of Energy announced the release of 53.3 million barrels of oil from the Strategic Petroleum Reserve to loan energy firms, part of efforts to stabilize prices amid the Iran war.
The release is part of a broader US commitment to add 172 million barrels to the global market.
That pledge was announced in March under an International Energy Agency initiative involving more than 30 countries, aimed at adding about 400 million barrels of oil to the global market.
