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The US Department of Energy announced the release of 53.3 million barrels of oil from the Strategic Petroleum Reserve (SPR) on Monday to loan energy firms, part of a global effort to stabilise oil prices following the US-Israeli war with Iran. The latest release is part of a larger US commitment to add 172 million barrels to the global market. That pledge, announced in March as part of an International Energy Agency (IEA) initiative involving more than 30 countries, aimed to add approximately 400 million barrels of oil to the global market. Iran’s closure of the Strait of Hormuz, a…
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