Trump Administration To Loan 53.3 Million Barrels Of Crude Oil To Stabilise Market Amid Iran War

Washington DC, United States: The Trump administration has decided to loan 53.3 million barrels of crude oil from the United States Strategic Petroleum Reserve (SPR) to major energy companies, news agency Routers reported.

The initiative is aimed at stablising global oil markets shaken by the ongoing conflict involving Iran. Since the continued closure of the Strait of Hormuz hit the oil supply hard, the crude oil prices continue to surge due to growing fears over instability in the West Asia.

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The US is planning to release the emergency crude reserves hoping it would help reduce supply pressure and slow the rapid increase in fuel prices.

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