The US regime has announced the release of 53.3 million barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency (IEA). The Department of Energy awarded contracts to nine companies under its emergency exchange program.

Trafigura Trading LLC, a Texas-based commodities trader, received the largest allocation of nearly 13 million barrels. Marathon Petroleum Corporation and ExxonMobil are set to receive 12.4 million and 11.4 million barrels, respectively. Other companies will receive between 1.05 million and 6.55 million barrels each.

Under the exchange scheme, participating firms are required to replenish the stockpile with new barrels at a later date. Kyle Haustveit, head of the Department's Hydrocarbons and Geothermal Energy Office, stated that these actions continue to move oil swiftly into the market and ensure the reserve remains strong.

The release follows the US regime's March agreement to release 172 million barrels as part of the IEA's largest coordinated global stockpile drawdown in history.

Oil prices have surged since the US and Israeli regimes launched their war on Iran in late February, with Tehran's retaliatory blockade of the Strait of Hormuz paralyzing one of the world's most vital trade routes. Maritime traffic has ground to a halt, disrupting about one-fifth of global oil trade.

Prices edged higher on Monday after the US regime dismissed Iran's latest peace proposal and warned that the ceasefire was "on life support." Brent crude futures topped $105 a barrel in Asian trading.

Source: www.aljazeera.com