The United States on 11th May 2026 confirmed plans to lend 53.3 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to several energy companies under an international effort designed to calm volatile oil markets following the US-Israel war with Iran. The latest move forms part of a wider coordinated agreement intended to reduce pressure on global fuel supplies after disruptions linked to tensions in the Middle East pushed prices sharply higher. The release of 53.3 million barrels comes after the U.S. Department of Energy (DOE) had earlier made 92.5 million barrels available for lending through the SPR program.
According to the announcement, nine companies participated in the borrowing arrangement, including Exxon Mobil, Trafigura and Marathon Petroleum. Together, the companies borrowed approximately 58% of the total volume previously offered. The Department of Energy had already distributed nearly 80 million barrels from the SPR during the spring period, part of a broader target involving 172 million barrels in total. In March 2026, the United States authorized a larger coordinated release after reaching an agreement with more than 30 member states of the International Energy Agency to inject around 400 million barrels of oil into global markets.
The international arrangement was aimed at limiting further increases in oil and fuel prices after Iran closed the Strait of Hormuz, a critical shipping route responsible for transporting nearly 20% of the world’s daily oil supply. The market intervention involving 53.3 million barrels was introduced as governments sought to stabilize energy flows and contain supply fears.
Fatih Birol, head of the International Energy Agency (IEA), said the Iran war had created the largest energy crisis in history. If supply disruptions caused by the war continue, the IEA stands ready to release additional oil from strategic reserves, Birol said on 7th May 2026. So far, member countries have released 20% of available reserves, he added.
The DOE stated that the oil is being provided through a repayment mechanism requiring companies to return crude supplies with premiums reaching as high as 24%. Officials said the arrangement would help stabilize energy markets without creating additional costs for U.S. taxpayers. The Strategic Petroleum Reserve currently stores around 384 million barrels of oil in underground caverns spread across four locations along the coasts of Texas and Louisiana. The latest lending operation involving 53.3 million barrels represents another major effort by the United States and its international partners to respond to ongoing instability in global oil markets.
