US taps emergency oil reserve, releases 45 mn barrels to tame war-driven price hike

2026-03-21 - 04:39

Amidst the ongoing war with Iran, the Trump administration is releasing 45.2 million barrels from the Strategic Petroleum Reserve to curb soaring oil prices. This move, part of a global effort, involves lending crude to energy firms with repayment including a premium, aiming to stabilize markets without taxpayer cost. The reserve, holding significant oil, is expected to grow upon repayment.