U.S. to Release 53 Million Barrels of Oil from Strategic Petroleum Reserve

The U.S. Department of Energy announced on Monday plans to release more than 53 million barrels of crude oil from the Strategic Petroleum Reserve.

The oil will be released on loan to multiple energy companies in an effort to ease global markets that have been unstable since the U.S. and Israel attacked Iran on Feb. 28, triggering a war and escalating tensions in the Middle East. 

The war has already sent the price for a barrel of Brent Crude, the international standard, racing up 50 percent from pre-war levels of roughly $70 and stoked inflation through the global economy.

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