The Department of Energy offered 40 million barrels from the Strategic Petroleum Reserve (SPR), the latest U.S. contribution to a broader International Energy Agency response to supply disruptions caused by the Iran conflict. The crude will be provided as loans, with companies returning the oil later and paying a premium of up to 24%. The United States has committed 172 million barrels toward the coordinated 400-million-barrel IEA release announced in March, and the latest tender is its final batch under that agreement. Companies have until October 6 to submit proposals, while some returned barrels will not reach the reserve until late 2028. The SPR held 283.8 million barrels last week, its lowest level since October 1982, as Brent traded around $103.19 per barrel and WTI reached roughly $90.57. The drawdown follows repeated emergency releases under the Biden and Trump administrations, leaving Washington with less flexibility if the oil shock worsens. Brent is heading for an approximately 14% September gain, its strongest monthly advance since July, while U.S.-Iran negotiations have yet to produce an agreement restoring normal regional flows. Recovering Saudi and broader Gulf exports have not fully eased pressure from tight diesel markets and high shipping costs, with oil above $100 also posing inflation and Federal Reserve risks and offering only temporary relief to Bitcoin and other risk assets after an earlier retreat from nearly $110.