The United States is preparing to offer up to 17 million barrels of crude oil from its Strategic Petroleum Reserve (SPR) as Washington steps up efforts to ease pressure on fuel prices amid disruptions caused by the war with Iran.The US Department of Energy on Friday issued a request for proposals for the latest exchange, under which companies would borrow crude from the emergency stockpile and return oil at a later date, reported Reuters.The move forms part of a broader international effort announced in March to stabilise energy markets after the conflict disrupted oil supplies and sent prices higher.At the time, Washington committed to making 172 million barrels available from its strategic reserves as part of a coordinated International Energy Agency (IEA) initiative involving around 30 countries. The wider arrangement aimed to release 400 million barrels of emergency oil stocks worldwide.However, an earlier attempt to offer the remaining barrels under the US commitment met with limited demand from energy companies.In June, companies agreed to borrow only about 500,000 barrels after being required to return additional crude equivalent to premiums of up to 24 per cent, raising questions about the attractiveness of the exchange terms.The US Strategic Petroleum Reserve (SPR) is the country’s emergency stockpile of crude oil, maintained to help cushion supply disruptions and stabilise energy markets during crises. Under an exchange programme, companies can borrow oil from the reserve and return it later, usually with additional barrels as a premium.The latest proposal follows other attempts to increase global fuel supplies. Earlier this month, Trump reached an agreement with Russian President Vladimir Putin to allow Russian diesel exports, with an initial 300,000 tonnes expected to be released. The move drew criticism from Ukraine and European leaders, who warned that easing restrictions could benefit Moscow financially.Separately, G7 leaders announced on October 2 that they would implement a coordinated release of 100 million barrels of emergency oil stocks through the IEA over four months. The plan included an accelerated release of diesel supplies to address shortages in international markets.Despite these measures, energy markets remain under strain. Brent crude was trading around $106 a barrel on Friday, with continuing attacks on Gulf shipping and disruptions around the Strait of Hormuz keeping supply concerns elevated.
