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US Taps Emergency Oil Reserves as Hormuz Disruptions Tighten Global Supply

The US Strategic Petroleum Reserve released 53.3 million barrels to traders and refiners including Trafigura Group and Marathon Petroleum Corp as crude flows through the Strait of Hormuz plummeted nearly 30 percent in the first quarter of 2026. The sharp decline in one of the world's most critical chokepoints has triggered a seismic supply shock, sending energy prices surging globally. Nearly half of the emergency crude is being exported to foreign buyers, underscoring how severely international supplies have tightened amid regional conflict. The administration continues pressing Iran for a response to proposals aimed at reopening the vital shipping lane and ending hostilities. The energy crisis is rippling through emerging economies, with remittance flows from overseas workers slowing to near three-year lows as households face mounting pressure from elevated fuel costs.