Oil companies have until Oct. 6 to place bids for the concluding allotment of emergency crude supplies managed by the Energy Department. This offer of up to 40 million barrels is the final tranche of a 172 million barrel drawdown authorized in March to stabilize energy markets. The transaction is structured as an exchange rather than a direct release, requiring companies to return the oil with interest by September 2028, even as officials maintain that flows through the Strait of Hormuz have recovered to pre-war levels.

Total stockpiles in the Strategic Petroleum Reserve have fallen to 283.8 million barrels, the lowest level since 1982. This current volume is only 31 million barrels above the congressional mandate of 252.4 million barrels. The depletion follows efforts to keep Brent crude prices below $110 amidst tight global supply and regional disruptions ahead of the upcoming US midterm elections.