June 23, 2026 [Reuters]- The U.S. Energy Department said on Monday that one energy firm had taken a loan of 500,000 barrels of crude oil ​from the Strategic Petroleum Reserve, representing about 1.25% of the ‌barrels at offer in the latest allotment under the Trump administration’s effort to curb fuel prices.

The Trump administration agreed in March to release 172 million barrels ​from the SPR in a coordinated move with the International ​Energy Agency to draw down 400 million barrels in an ⁠effort to control fuel prices that spiked after the start of ​the U.S.-Israeli war on Iran on February 28. The U.S. has so ​far awarded contracts to loan roughly 133 million barrels of the oil.

The latest offer for SPR release was announced on June 10, when the Energy Department said it ​was seeking to loan energy companies up to 40 million barrels ​of crude oil. Out of that, energy trader Vitol was awarded a contract for ‌500,000 ⁠barrels of oil, the department said on Monday.

Companies borrowing the oil are required to return the original volumes, with premiums of up to 24% in the form of extra oil. The department says that ​system will help ​stabilize markets at ⁠no cost to U.S. taxpayers. Energy Secretary Chris Wright has said about 35 to 40 million barrels ​of extra oil will be returned this year and ​next in ⁠the form of premiums.

Oil prices have dropped in recent days as supply concerns eased after Washington and Tehran signed a 60-day ceasefire deal. On ⁠Monday, ​U.S. Vice President JD Vance said progress ​has been made in talks with Iran and the key waterway for energy trading, the ​Strait of Hormuz, was open.