US taps emergency oil reserve, releases 45 mn barrels to tame war-driven price hike

Amidst the ongoing war with Iran, the Trump administration is releasing 45.2 million barrels from the Strategic Petroleum Reserve to curb soaring oil prices. This move, part of a global effort, involves lending crude to energy firms with repayment including a premium, aiming to stabilize markets without taxpayer cost. The reserve, holding significant oil, is expected to grow upon repayment.

By TOI BUSINESS DESK