U.S. Energy Department Loans Millions of Barrels to Curb Fuel Prices

The U.S. Department of Energy loaned 26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies. This is part of the Trump administration's initiative to address rising fuel prices following the U.S.-Israeli conflict concerning Iran, involving major firms like ExxonMobil.

The U.S. Department of Energy announced on Friday the loan of 26.03 million barrels of crude oil to nine different oil companies. This initiative is the third allocation in an ongoing effort by the Trump administration to stabilize fuel prices.

This intervention comes against the backdrop of increasing fuel prices resulting from the U.S.-Israeli conflict with Iran. The Department's move is seen as a strategic maneuver to cushion the economic blow of escalating oil costs.

Major oil entities, including BP Products North America, ExxonMobil Oil Corp, and Marathon Petroleum, are among the recipients of the Strategic Petroleum Reserve loans, the DOE confirmed in their official release.

(With inputs from agencies.)