The United States government has announced a major step to stabilize the global energy market amid disruptions caused by the ongoing Iran-Israel war and a worldwide supply crisis. As part of an international agreement to control market volatility, the Trump administration is lending 50.33 million barrels of crude oil from the Strategic Petroleum Reserve to several companies, according to a Reuters report.

The US Department of Energy (DOE) stated that the oil will be supplied to nine major energy firms, including ExxonMobil, Trafigura, and Marathon Petroleum. Last month, the DOE had announced the release of 92.5 million barrels, though companies accepted only 58 percent of that allocation. The current loan is part of a broader DOE plan to release 172 million barrels to address the global oil shortage.

The initiative aims to mitigate the adverse effects of the Iran-Israel conflict on global oil prices and ensure market stability through coordinated international measures.