The U.S. Department of Energy announced the loan of 8.48 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to four companies as part of an ongoing effort to stabilize fuel prices amid the conflict involving the United States, Israel, and Iran. This marks the second tranche of the government’s initiative to ease supply pressures caused by the war.

The companies receiving the SPR oil loans are Gunvor USA, Phillips 66 Company, Trafigura Trading, and Macquarie Commodities Trading. The department had previously offered up to 10 million barrels for this second round, which began following an initial release issued last month. In that earlier phase, energy firms took delivery of 45.2 million barrels—approximately 52% of the amount made available by the government.

The broader U.S. strategy involves lending a total of 172 million barrels of crude over the course of 2026 and into 2027. This move aligns with a coordinated release of 40 million barrels agreed upon by 32 member countries of the International Energy Agency (IEA). The IEA has identified the ongoing conflict as causing the largest oil supply disruption in history, prompting emergency measures to prevent sharp spikes in fuel prices.

The SPR loans are structured to require repayment of the oil with an additional amount as a premium, which the Department of Energy has said will enable the market intervention to occur without imposing costs on American taxpayers. This approach is intended to maintain market stability and ease price volatility driven in part by the geopolitical turmoil.

The latest loan release reflects the U.S. government’s commitment to leveraging strategic reserves in addressing disruptions to global energy supplies caused by the war. The continuing allocation from the SPR demonstrates efforts to counteract substantial supply constraints and promote steadier energy prices amid ongoing uncertainties in the region.