US releases 45 million barrels from its emergency oil reserves

The US has released 45.2 million barrels from its Strategic Petroleum Reserve (SPR) to stabilise rising oil prices, which reached a four-year high amid the US-Iran war. The barrels will be loaned to major energy companies, which are required to pay an 18-22% premium back in oil. This marks the first phase of a broader 172 million-barrel emergency release plan.