US to add 40 million barrels to oil reserve after Iran conflict in Oil & Companies News 08/06/2026 The United States will receive an additional 40 million barrels of crude oil for its Strategic Petroleum Reserve after the conflict in Iran ends, Energy Secretary Chris Wright said Friday in a Fox Business interview. Companies that borrowed oil from the reserve in recent months will return the crude with premiums once the conflict concludes, Wright said on the “Varney & Company” program. The Department of Energy is loaning approximately 133 million barrels of oil from the SPR to companies that will repay the borrowed crude with premiums of up to 24%. The reserve’s oil is stored in underground caverns in Texas and Louisiana. “Each barrel we flow out, we’re getting 1.25 barrels back next year,” Wright said. “We’re going to add 40 million barrels to the SPR after this conflict is over, at no cost to the taxpayer, with deals already made.” Fuel prices have risen since the U.S.-Israeli war on Iran began in February. Wright said he is not concerned about stock levels in the SPR, which currently stand at low levels. “I’m not concerned, because we’re not selling any barrels of oil, we’re flowing oil to the marketplace in the short term when it needs it, and we’re trading those barrels,” Wright said. The department says the loan system will help stabilize markets at no cost to U.S. taxpayers. Source: Investing.com 2026-06-08 hellenicshippingnews... tweet Share