US to release 53 million barrels from strategic oil reserve

The Trump administration is releasing 53.3 million barrels of crude oil from the US Strategic Petroleum Reserve to nine energy companies, including ExxonMobil, Trafigura, and Marathon Petroleum, as part of efforts to stabilize global markets amid supply concerns tied to Iran-related tensions in the Strait of Hormuz. The move follows a prior DOE loan of 92.5 million barrels (of which 58 percent was drawn) and is part of a broader 172-million-barrel reserve drawdown intended to mitigate energy-market disruptions.