US Treasury announced loan of 53.3 million barrels from the Strategic Petroleum Reserve to nine energy firms to ease market stress.
DOE has loaned ~80 million barrels this spring and targets a total release of 172 million barrels under a March IEA pact.
The coordinated release responds to Iran's closure of the Strait of Hormuz, which moves about 20% of daily global oil shipments.
IEA head Fatih Birol warned the conflict creates an unprecedented energy crisis and said further reserve releases are ready if disruptions persist.