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Trump suffers new Iran defeat: 'Loses' 50 million oil barrels as US Navy fails in Hormuz?

Published on May 12, 2026 05:52 pm IST

The Trump administration will reportedly loan 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve to energy companies as part of a wider effort to calm oil markets shaken by the Iran war and disruption around the Strait of Hormuz. Reuters-linked reporting says this is a loan, not an outright sale, and it forms part of a coordinated International Energy Agency response to the supply shock.

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