The U.S. Department of Energy announced on Saturday that it has awarded 26.03 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to nine energy companies, marking the third tranche of emergency releases by President Donald Trump’s administration aimed at curbing surging fuel prices.
The move comes as gasoline prices in the United States have climbed sharply following the outbreak of the U.S.-Israeli conflict with Iran, which has rattled global oil markets and intensified concerns over supply disruptions.
According to the Department of Energy, the latest release is part of a broader plan approved in March to withdraw 172 million barrels from the SPR. The action was coordinated with the International Energy Agency, which simultaneously authorized a collective release of 400 million barrels among member countries in an effort to stabilize global energy markets.
So far, the United States has made 126 million barrels available in three separate rounds through loan agreements, allowing refiners to borrow crude oil with the obligation to repay the volumes later with additional interest barrels.
Energy firms have already signed agreements to borrow approximately 80 million barrels, representing more than 63% of the total volume offered by the administration.
The Department said companies awarded crude in the latest round include BP Products North America, Exxon Mobil Oil Corp, and Marathon Petroleum.
The emergency releases underline Washington’s efforts to shield consumers from rising fuel costs as geopolitical tensions in the Middle East continue to put pressure on oil supplies and global energy prices.
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