US releases 40M barrels from strategic reserve to curb fuel prices amid Iran conflict

The US is lending 40 million barrels from the Strategic Petroleum Reserve to energy companies to counter fuel price spikes driven by the Iran conflict and Russia-Ukraine war. This follows a March agreement to lend 172 million barrels, indicating sustained pressure on oil markets. The move signals US concern over supply tightness and may have limited impact given the scale of prior releases.