World War III thread

[Herman]

The U.S. government will loan 53 million barrels of oil from the Strategic Petroleum Reserve (SPR) to petroleum companies in a bid to relieve elevated gas and oil prices amid the conflict with Iran.

In a news release on Monday, the Department of Energy (DOE) announced it would release the crude oil from its sites in Louisiana and Texas to contribute to the International Energy Agency's (IEA's) move to stabilize the price of oil, which has often risen above $100 per barrel since the conflict started on Feb. 28.

As of Tuesday morning, the price for a barrel of Brent crude oil rose slightly to $108.

"Deliveries will begin immediately as the Department continues to move swiftly to address short-term supply disruptions and strengthen U.S. energy security," the agency said in a statement, adding that petroleum companies "may begin scheduling deliveries immediately."

[Herman]