US DOE loans 26M more barrels from SPR

The US Department of Energy has announced a contract to loan out another 26 million barrels of oil from the Strategic Petroleum Reserve (SPR). This marks the third such contract to release oil from the SPR, bringing the total amount allocated for release to 80 million barrels. The move is part of ongoing federal efforts to manage the domestic oil market and supply. The announcement follows recent volatility in global oil prices linked to developments in the Strait of Hormuz.